GASB Seeks Feedback on Proposed Implementation Guidance
The Governmental Accounting Standards Board (GASB) recently issued proposed implementation guidance in the form of questions and answers intended to clarify, explain or elaborate on certain GASB pronouncements.
The Exposure Draft, Implementation Guidance Update—2023, contains proposed new questions and answers that address application of GASB standards on leases, subscription-based information technology arrangements and accounting changes. The proposal also includes amendments to previously issued implementation guidance on leases.
The GASB periodically issues new and updated guidance to assist state and local governments in applying generally accepted accounting principles (GAAP) to specific facts and circumstances that they encounter. The guidance in Implementation Guides is cleared by the Board and constitutes Category B GAAP.
Stakeholders are asked to review the proposal and provide input to the GASB by Jan. 20, 2023. Comments may either be submitted in writing or through an electronic input form.