Accounting and Financial Reporting

Forever Leases

In November 2020 the Governmental Accounting Standards Board (GASB) issued an exposure draft titled Implementation Guidance Update—2021. The exposure draft (ED) has 28 new questions and answers—21 of which are on the topic of leases— and four amendments to previously issued questions and answers. The ED also includes five new questions and answers on fiduciary activities and one each on derivative instruments, grant revenue recognition, capitalization policies, revenue from fines, major fund determination, and intra-entity asset transfers. Finally, the ED proposes to supersede four previously issued questions and answers related to intangible assets.

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