GASB Issues Final Implementation Guidance
In March 2016, the Governmental Accounting Standards Board (GASB) issued implementation guidance to clarify, explain or elaborate on recent GASB statements, primarily fair value measurement, basic financial statements and management’s discussion and analysis, tax abatement and financial instrument disclosures as well as employer and plan pension accounting. The requirements of Implementation Guide No. 2016-1 are effective for reporting periods beginning after June 15, 2016. State and local governments are permitted to apply the guidance early if the pronouncement addressed by the question and answer has been implemented.