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Business and Policy Areas
Business and Policy Areas

GASB Seeks Comments on New Implementation Guide Q&A

January 5, 2018

At the end of every calendar year, since 2015, the Governmental Accounting Standards Board (GASB) releases several new and modified questions and answers for inclusion in its Comprehensive Implementation Guide (CIG). All questions and answers in the CIG are reviewed and approved by the Board and are considered Category B in the hierarchy of Generally Accepted Accounting Principles (GAAP). Comments on the proposed questions are due to GASB by February 16. (The GAAP hierarchy comprises guidance that state and local governments follow when preparing financial statements. The first level (Category A) are GASB's accounting standards and the second level (Category B) are Technical Bulletins, Implementation Guides and AICPA guidance cleared by the Board.)

The new and amended questions (with answers) in the proposed CIG address the following topics:

  • Pensions-employer accounting and reporting
  • Post-employment benefits other than pensions-plan reporting
  • The statistical report section
  • The codification of accounting and financial reporting guidance contained in pre-November 30, 1989 FASB and AICPA pronouncements
  • Tax abatement disclosures
  • Disclosures related to deposits with financial institutions and investments
  • Cash flows reporting
  • Basic financial statements and MD&A

Questions and answers in the guide, with relevance for public institutions, clarify that:

  • Library books can be included as depreciable capital assets;
  • Liabilities and deferred inflows of resources are included when determining restricted net position; and
  • Advance-refunded debt is removed from debt capacity schedules in the year the defeasance occurs.

Changes in the CIG will be effective for reporting periods beginning after June 15, 2018, which is FY19 for the vast majority of public institutions. The proposed amendments are available on GASB's website along with instructions for commenting. NACUBO encourages institutions to comment directly to GASB or submit comments to NACUBO to pass along to GASB.


Sue Menditto
Director, Accounting Policy