In this session, we will examine GASB's June 23, 2025 Implementation Guide, which provides practical Q&A guidance to clarify and expand the application of GAAP for state and local governments. The Guide addresses recurring and emerging issues such as leases, subsidies, conduit debt, compensated absences, cash flow reporting, and the new financial reporting model, while also outlining effective dates and transition requirements. Through detailed examples and authoritative explanations, it serves as a key resource to ensure consistent application of standards and prepare governments for future reporting challenges.