GASB issued new implementation guidance on Tuesday, June 2, to clarify, explain or elaborate on certain issues, including derivative instruments, fiduciary activities, leases and nonexchange transactions.
The guide also includes amendments to previously issued implementation guidance on the financial reporting model, sales and pledges, and intra-entity transfers.
The GASB periodically issues new and updated guidance to assist state and local governments in applying GAAP principles to specific facts and circumstances that they encounter. Read more.