GASB Releases Implementation Guides to Clarify Requirements

The Governmental Accounting Standards Board (GASB) recently released two Implementation Guides designed to answer questions and explain further certain GASB statements.

  • Implementation Guidance Update No. 2017-1, released on April 28, addresses a wide range of issues including questions about pension standards, cash flow statements, fund balance and tax abatements.
  • Implementation Guidance Update No. 2017-2, released on May 9, clarifies GASB Statement No. 74 (Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans) by answering over 150 questions received.

These Implementation Guides apply to all organizations that follow generally accepted accounting procedures (GAAP) for financial statements. We recommend that you contact your CPA if you have any questions about these guidelines and what they mean for you.

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