United States

GASB issues omnibus statement

FINANCIAL REPORTING INSIGHTS  | 

The Governmental Accounting Standards Board recently issued Statement 92, Omnibus 2020, which included guidance addressing various accounting and financial reporting issues. The requirements of the statement addressed the following, among other matters:

  • The effective date of Statement 87, Leases, and Implementation Guide No. 2019-3, Leases, to address concerns regarding interim financial reports
  • Reporting of intra-entity transfers of assets between a primary government employer and a component unit defined benefit pension plan or defined benefit other postemployment benefit plan
  • The applicability of the following to reporting assets accumulated for postemployment benefits:
    • Statement 73, Accounting and Financial Reporting for Pensions and Related Assets That Are Not within the Scope of GASB Statement 68, and Amendments to Certain Provisions of GASB Statements 67 and 68, as amended
    • Statement 74, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans, as amended 
  • The applicability of certain requirements of Statement 84, Fiduciary Activities, to postemployment benefit arrangements
  • Measurement of liabilities (and assets, if any) related to asset retirement obligations (AROs) in a government acquisition

The requirements related to the effective date of Statement 87 and Implementation Guide No. 2019-3, and those related to certain other requirements became effective upon issuance. The requirements related to intra-entity transfers of assets and those related to the applicability of Statements 73 and 74 are effective for fiscal years beginning after June 15, 2020. The requirements related to the application of Statement 84 and those related to the measurement of liabilities (and assets, if any) associated with AROs in a government acquisition and certain other requirements are effective for reporting periods beginning after June 15, 2020. Early application is permitted by topic. 

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