Support Learning and Insight

It’s more important than ever to understand the challenges facing financial executives. Support the Financial Education & Research Foundation today.

Financial Reporting and Regulatory Update

Fourth Quarter 2018

From the GASB

Proposals

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.