The Governmental Accounting Standards Board (GASB) recently issued Implementation Guidance Update — 2025, a guide updated for the first time in nearly two years that features questions and answers addressing how to apply GAAP to a variety of GASB standards.
The guide offers application assistance to state and local governments for GASB standards on leases, accounting changes and error corrections, conduit debt obligations, cash flows reporting, compensated absences and financial reporting model improvements.
The guide also includes amendments to previously issued implementation guidance related to ownership of an asset and governmental fund type definitions. Download the guide.