On November 15th, the Governmental Accounting Standards Board (GASB) released proposed implementation guidance that uses a questions and answers format to clarify and expound on certain GASB pronouncements.
Included in the Exposure Draft, Implementation Guidance Update—2023 are proposed new questions and answers that discuss the application of GASB standards on leases, subscription-based information technology arrangements, and accounting changes. Additionally, the proposal also includes revisions to previously issued implementation guidance on leases.
The GASB regularly releases new and amended guidance to help state and local governments apply generally accepted accounting principles (GAAP) to specific facts and circumstances. The following elements are used to develop this guidance:
application issues identified during the first stage of the GASB’s post-implementation reviews of the leases standards
application issues raised during due process on GASB pronouncements
questions the GASB receives throughout the year
topics identified by members of the Governmental Accounting Standards Advisory Council and other stakeholders
The GASB is requesting that stockholders review the new proposal and provide feedback by January 20, 2023. Interested parties may submit comments in writing or through the Board’s electronic input form. For more information on how to submit comments, visit www.gasb.org.