GASB proposes omnibus statement

Jul 29, 2021
Audit State & local government Financial reporting

The Governmental Accounting Standards Board (GASB) recently proposed an omnibus statement addressing a wide range of practice issues that have been identified during the implementation of certain GASB statements or during the due process for other statements. Issues discussed in the Exposure Draft, Omnibus 20XX, include the following, among others:

  • 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
  • Clarification of provisions of GASB Statement No. 87, Leases, related to the lease term, short-term leases, and recognition and measurement of lease liabilities and right-to-use assets
  • 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

The Exposure Draft is available for comment until September 17, 2021.