Financial Reporting and Regulatory Update

Fourth Quarter 2022

From the GASB

Final standards


The GASB issued no new standards during the third quarter of 2022.

Proposals

Implementation guidance update

On Nov. 15, 2022, the GASB issued an exposure draft, “Implementation Guidance Update – 2023,” to clarify, explain, or elaborate on certain GASB pronouncements.  

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

  • Leases 
  • Subscription-based information technology arrangements  
  • Accounting changes and error corrections  

In addition, the exposure draft proposes an amendment to a previously issued leases-related question and answer from Implementation Guide 2019-3.  

Comments were due to the GASB by Jan. 20, 2023.