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Financial Reporting and Regulatory Update

Fourth Quarter 2018

From the GASB


Implementation guidance update

On Nov. 27, 2018, the GASB issued an exposure draft, “Implementation Guidance Update – 2019,” to clarify, explain, or elaborate on certain GASB pronouncements.

The exposure draft proposes 15 new questions and answers to address application of existing GASB standards covering various topics including the following:

  • Cash flows reporting 
  • Postemployment benefits – plan and employer
  • Derivative instruments
  • Nonexchange transactions
  • Impairment of capital assets and insurance recoveries
  • Intra-entity transfers of assets
  • Fund balance reporting and government fund type definitions
  • Tax abatement disclosures
  • Irrevocable split-interest agreements

In addition, the exposure draft proposes amendments to four previously issued questions and answers from Implementation Guides 2015-1 and 2017-2.

Comments are due to the GASB by Jan. 31, 2019.