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Financial Reporting and Regulatory Update

Fourth Quarter 2019

From the GASB

Proposals

Implementation guidance update

On Dec. 4, 2019, the GASB issued an exposure draft, “Implementation Guidance Update – 2020,” to clarify, explain, or elaborate on certain GASB pronouncements.

The exposure draft proposes 23 new questions and answers to address application  of existing GASB standards covering various topics including the following:

  • The financial reporting entity
  • Accounting and financial reporting for certain investments and for external investment pools
  • Fiduciary activities
  • Leases
  • Certain asset retirement obligations
  • Conduit debt obligations

In addition, the exposure draft proposes amendments to five previously issued questions and answers from Implementation Guides 2015-1, 2017-2, and 2017-3.

Comments are due to the GASB by Jan. 31, 2020