GASB Issues 2019 Implementation Guide

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GASB has issued its annual update, Implementation Guide No. 2019-1, Implementation Guidance Update—2019. Implementation Guides are authoritative Category B guidance in the hierarchy of generally accepted accounting principles and are intended to clarify, explain or elaborate on GASB statements. The guide addresses 14 questions on the following topics:

  • Postemployment Benefits – Plan and Employee Accounting and Reporting – Index rates and implicit rate subsidies
  • Interest Rate Derivative Termination
  • Nonexchange Transactions – Timing of recognition of natural disaster claims reimbursements
  • Impairment of Capital Assets – Netting of insurance recoveries
  • Intra-Entity Transfers of Assets and Future Revenues – Presentation and reclassification
  • Fund Balance Reporting and Governmental Fund Type Definitions – Long-term portion of notes receivable recognition
  • Tax Abatement Disclosures – Fees in lieu of taxes (FILOT)
  • Irrevocable Split-Interest Agreements – Timing of recognition of remainder interest benefit and recognition of fund liability

The guide also amends five questions in the previously issued 2015-1 and 2017-2 Implementation Guides.

Requirements of the 2019 Implementation Guide are effective for reporting periods beginning after June 15, 2019, with earlier application encouraged if the pronouncement addressed by the question and answer has been implemented.

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