25 JUN 2025 / GASB REPORTING

GASB’s Q&A Guide Clarifies Lease, Debt, and Reporting Rules

Summary

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The Governmental Accounting Standards Board (GASB) has released Implementation Guide No. 2025-1, which provides clear, plain-language instructions for public sector accountants on various aspects of governmental Generally Accepted Accounting Principles (GAAP). The guide, aimed at helping with issues like asset ownership, financial reporting models and debt obligations, carries Category B GAAP status, making it authoritative and 'audit-worthy'.

The Governmental Accounting Standards Board (GASB) just tossed a lifeline to public sector accountants—and this one doesn’t come wrapped in technical jargon or buried in a 200-page tome. Instead, it’s packaged in plain-language Q&A format, making...

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GASB’s Q&A Guide Clarifies Lease, Debt, and Reporting Rules

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