GASB Issues New Implementation Guidance

May 4, 2017

Earlier this week, the Governmental Accounting Standards Board (“GASB”) published Implementation Guide No. 2017-1, Implementation Guidance Update–2017. The guidance update addresses questions concerning recent GASB-issued standards and implementation issues. The update also replaces previously issued guidance, and features new questions and answers on the following matters:

  • Cash flow reporting in regard to changes in an employer’s liability to employees for defined benefit pensions or defined benefit postemployment benefits other than pensions (“OPEB”) and an employer’s deferred outflows of resources and deferred inflows of resources related to pensions or OPEB
  • The Financial Reporting Entity
  • Pensions—Employer and Plan Accounting and Reporting
  • Accounting and Financial Reporting for Certain Investments and External Investment Pools
  • Other Implementation Guidance, such as Statement Nos. 54 and No. 77

Amended questions and answers featured in the update cover the following:

  • Disclosures Related to Deposits with Financial Institutions, Investments (including Repurchase Agreements), and Reverse Repurchase Agreements
  • Risk Financing and Related Insurance Issues
  • The Financial Reporting Entity
  • Pensions—Plan and Employer Accounting and Reporting (Statement Nos. 67 and 68)
  • Basic Financial Statements and Management’s Discussion and Analysis
  • Other Implementation Guidance, such as Statement Nos. 33 and 51

The updated guidance is effective for reporting periods starting after June 15, 2017. Early application is encouraged if an entity has implemented the question and answer pertaining to the pronouncement addressed.