The Governmental Accounting Standards Board (“GASB”) has proposed new implementation guidance that addresses questions concerning GASB standards such as cash flow reporting, derivative instruments, and post-employment benefits. Issued as Exposure Draft No. 24-16d, Implementation Guidance Update — 2019, the proposed guidance is presented in a question-and-answer format and helps answer questions like how an entity should disclose on cash flow statements resources given in an irrevocable split-interest agreement.
The proposal also calls for changes to previously issued implementation guidance and provides answers to questions regarding details related to GASB Statement No. 67, Financial Reporting for Pension Plans, and GASB Statement No. 74, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans. Additionally, the proposal answers how a government must account for the end of an interest rate swap when following GASB Statement No. 53, Accounting and Financial Reporting for Derivative Instruments.
Comments on the exposure draft are due January 31, 2019. If finalized, the proposed guidance must be applied to reporting periods starting after June 15, 2019. The GASB will allow for early adoption.