GASB issues omnibus statement

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