GASB gives guidance on pronouncements

The Governmental Accounting Standards Board issued questions and answers to help explain certain pronouncements to stakeholders. 

The GASB periodically issues new and updated guidance to assist state and local governments in applying generally accepted accounting principles to specific facts and circumstances they encounter. The guidance is developed based on application issues raised during due process on pronouncements, questions it receives throughout the years, and topics identified by members of the Governmental Accounting Standards Advisory Council and other stakeholders. 

Implementation Guide No. 2025-1, Implementation Guidance Update–2025, addresses the application of GASB standards on leases, accounting changes and error corrections, conduit debt obligations, cash flows reporting, compensated absences, and financial reporting model improvement. 

The guide also includes amendments to previously issued implementation guidance related to ownership of an asset and governmental fund type definitions.