United States

Omnibus Statement addresses certain practice issues


The Governmental Accounting Standards Board (GASB) recently issued Statement No. 85, Omnibus 2017, to address practice issues identified during the implementation and application of certain GASB Statements. Specifically, the Exposure Draft addresses the following topics:

  • Blending a component unit in circumstances in which the primary government is a business-type activity reporting in a single column for financial statement presentation
  • Reporting amounts previously reported as goodwill and “negative” goodwill
  • Classifying real estate held by insurance entities
  • Measuring certain money market investments and participating interest-earning investment contracts at amortized cost
  • Timing of the measurement of pension and other postemployment benefits (OPEB) liabilities and related expenditures recognized in financial statements prepared using the current financial resources measurement focus
  • Recognition of on-behalf payments for pensions or OPEB in employer financial statements
  • Presentation of payroll-related measures in required supplementary information by OPEB plans and employers that provide OPEB
  • Classification of employer-paid member contributions for OPEB
  • Simplifying certain aspects of the alternative measurement method for OPEB
  • Accounting and financial reporting for OPEB provided through certain multiple-employer defined benefit OPEB plans.

Statement 85 is effective for reporting periods beginning after June 15, 2017. Earlier application is encouraged.