Governmental Accounting and Auditing Update

Status of current GASB projects

As of January 2020, when this appendix was updated, GASB had a number of documents in various stages of due process. These projects are briefly discussed in the following paragraphs. The current status of these exposure documents can be found on the “Projects” page at www.gasb.org.

Exposure Drafts

Implementation Guidance Update — 2020

In June 2015, the GASB issued GASB Statement No. 76, The Hierarchy of Generally Accepted Accounting Principles for State and Local Governments. As a result of that statement, GASB implementation guides were elevated to Category B in the hierarchy of generally accepted accounting principles. Since that time, the GASB has cleared additional implementation guidance to assist its stakeholders by clarifying, explaining, or elaborating on the requirements of its statements.

New questions and answers are included in this implementation guide to address issues raised by GASB’s stakeholders through inquiries posed to the GASB. Other questions and answers address issues identified by the GASB in anticipation of questions that will arise during implementation of GASB pronouncements. This implementation guide also includes amendments to previously issued implementation guidance to address issues identified by the GASB subsequent to the clearance of those implementation guides.

This implementation guide provides new questions and answers on the financial reporting entity, accounting and financial reporting for certain investments ...