Source: RSM US LLP. PBMares is a member of RSM US Alliance.
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
This article was written by RSM US LLP and originally appeared on 2022-05-25.
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