Article

GASB issues omnibus statement

May 25, 2022
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Government Financial reporting Audit State & local government

The Governmental Accounting Standards Board (GASB) recently issued an omnibus statement addressing a wide range of practice issues that were identified during the implementation of certain GASB statements or during the due process for other statements. GASB Statement 99, Omnibus 2022, includes:

  • Requirements that are effective upon its issuance regarding:
    • Extending the period during which the London Interbank Offered Rate is considered an appropriate benchmark interest rate for the qualitative evaluation of the effectiveness of certain interest rate swaps
    • Accounting for the distribution of benefits as part of the Supplemental Nutrition Assistance Program
    • Disclosures related to nonmonetary transactions
    • Pledges of future revenues when resources are not received by the pledging government
    • Clarification of the presentation of the government-wide financial statements specific to fiduciary activities
    • Certain terminology updates
  • Clarifications of certain provisions within the following GASB Statements that are effective for fiscal years beginning after June 15, 2022 and all reporting periods thereafter:
    • GASB Statement No. 87, Leases
    • GASB Statement No. 94, Public-Private and Public-Public Partnership and Availability Payment Arrangements
    • GASB Statement No. 96, Subscription-Based Information Technology Arrangements
  • Requirements that are effective for fiscal years beginning after June 15, 2023, and all reporting periods thereafter regarding: 
    • The accounting and financial reporting for exchange or exchange-like financial guarantees
    •  Classification and reporting of certain derivative instruments that are neither hedging derivative instruments nor investment derivative instruments

 

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