GASB has issued proposals related to capitalization of interest costs and implementation of recent pronouncements. They also issued an implementation guide for the new state and local government accounting standard for other post-employment benefits (OPEB).
One exposure draft, Accounting for Interest Cost During the Period of Construction, proposes guidance intended to enhance the relevance and comparability of information about capital assets and the cost of borrowing for a reporting period. It should also simplify accounting for interest cost incurred during construction.
The proposed implementation guide, Implementation Guidance Update-201Y, contains questions and answers to clarify, explain or elaborate on GASB Statements, including pensions, OPEB, the statistical section, regulatory reporting and tax abatement.
GASB also issued an implementation guide for new state and local government accounting for OPEB.
VACo Contact: Vicky Steinruck, CPA