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GASB Issues Implementation Guide 2025-1 with Q&As

The Governmental Accounting Standards Board (GASB) has issued Implementation Guide No. 2025-1, providing 12 new questions and answers to clarify GASB standards on various topics including leases, accounting changes, and cash flows. This guidance is intended to assist state and local governments in applying generally accepted accounting principles.

GASB Fair Value Standard Post-Implementation Review Report Published

The Governmental Accounting Standards Board (GASB) has published a Post-Implementation Review (PIR) report on its fair value standard, GASB Statement No. 72. The report concludes that the standard met its objectives, was operational, and provided decision-useful information.