GASB Issues Omnibus Statement

Source: RSM US LLP.   

ARTICLE

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.
2022 RSM US LLP. All rights reserved.
https://rsmus.com/insights/financial-reporting/gasb-issues-omnibus-statement.html

RSM US Alliance provides its members with access to resources of RSM US LLP. RSM US Alliance member firms are separate and independent businesses and legal entities that are responsible for their own acts and omissions, and each are separate and independent from RSM US LLP. RSM US LLP is the U.S. member firm of RSM International, a global network of independent audit, tax, and consulting firms. Members of RSM US Alliance have access to RSM International resources through RSM US LLP but are not member firms of RSM International. Visit rsmus.com/aboutus for more information regarding RSM US LLP and RSM International. The RSM(tm) brandmark is used under license by RSM US LLP. RSM US Alliance products and services are proprietary to RSM US LLP.