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GASB Introduces Lease Standard Implementation Guidance

To assist state and local governments with applying GASB Statement No. 87, Leases, the Governmental Accounting Standards Board (“GASB”) has issued a draft Implementation Guide . The GASB presents the proposed guidance in a question-and-answer format and intends to clarify the requirements listed under the lease accounting standard. GASB Statement No. 87 offers a simplified approach for state and local governments to account for and disclose leases. Interested parties can submit feedback on the proposal to the GASB by Tuesday, April 30.

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Proposal to Address Questions on GASB Standards

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. Read More.

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