Two new implementation guides issued by the Governmental Accounting Standards Board (GASB) on May 9 contain questions and answers that clarify or explain several accounting and financial reporting standards for state and local governments.
The guide also includes amendments to previously issued GASB implementation guidance.
Implementation Guide No. 2017-2, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans, provides answers to more than 150 questions about GASB Statement No. 74, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans.
The questions and answers contained in GASB implementation guides constitute Category B authoritative guidance under US GAAP. The guidance is applicable to all state and local governments that follow GAAP when preparing their financial statements.