The Governmental Accounting Standards Board (GASB) has issued a set of guidelines that address accounting and financial reporting issues identified during the implementation of a number of standards.

The main issues include: accounting and financial reporting for exchange or exchange-like financial guarantees, classification, accounting and reporting of certain derivative instruments, that are neither hedging derivative instruments nor investment derivative instruments, as well as clarification of certain provisions in the standards.

In addition, the GASB also clarified the basic terminology, clarified the details of extending the period of transition to alternative LIBOR rates for the qualitatively evaluation of the effectiveness of certain interest rate swaps; disclosures related to nonmonetary transactions; accounting of pledges of future revenue when resources are not received by the pledging government.