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Financial Reporting and Regulatory Update

Fourth Quarter 2020

From the GASB

Proposals

Implementation guidance update

On Nov. 17, 2020, the GASB issued an exposure draft, “Implementation Guidance Update – 2021,” to clarify, explain, or elaborate on certain GASB pronouncements.

The exposure draft proposes 28 new questions and answers to address application of existing GASB standards covering various topics including the following:

  • Accounting and financial reporting for derivative investments
  • Fiduciary activities
  • Leases
  • Accounting and financial reporting for nonexchange transactions

In addition, the exposure draft proposes amendments to four previously issued questions and answers from Implementation Guides 2015-1 and 2019-1.

Comments are due to the GASB by Feb. 15, 2021.

COVID-19 resources

GASB emergency toolbox

The GASB continues to maintain a toolbox on its website to assist governments and other stakeholders in quickly identifying authoritative GASB guidance that could be relevant to the current circumstances related to COVID-19. In addition, the toolbox includes links to other professional organizations from which stakeholders might get nonauthoritative recommendations for financial reporting and other activities as governments deal with the pandemic’s effects.