Reporting Year GASB Statements

GASB Statements – effective for the current and future reporting years

2018 Financial Statements

Pronouncements effective for fiscal years beginning after June 15, 2017. (2018 financial statements):

GASB Statement 75 – Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions
Aligns OPEB with existing pension standards. Will require changes to actuarial methodology, new note disclosures and new RSI schedule.

GASB Statement 85 – Omnibus 2017
This Statement addresses practice issues identified during the implementation and application of certain GASB Statements and covers a variety of topics related to blending component units, goodwill, fair value measurement and application, and postemployment benefits (pensions and other postemployment benefits [OPEB]).

GASB Statement 86 – Certain Debt Extinguishment Issues
This Statement addresses accounting and financial reporting for in-substance defeasance of debt and improves accounting and financial reporting for prepaid insurance on debt that is extinguished and notes to financial statements for debt that is defeased in substance.

GASB Implementation Guide No. 2017-1 – Implementation Guidance Update – 2017
The objective of this Implementation Guide is to provide guidance that clarifies, explains, or elaborates on GASB Statements.

GASB Implementation Guide No. 2017-2 – Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans
The objective of this Implementation Guide is to provide guidance that clarifies, explains, or elaborates on GASB Statements. The requirements in Questions 4.80, 4.144, and 4.151 are effective for reporting periods beginning after June 15, 2017. Earlier application is encouraged if the related OPEB plan provision of Statement No. 85, Omnibus 2017, has been implemented.

2019 Financial Statements

Pronouncements effective for fiscal years beginning after June 15, 2018. (2019 financial statements):

GASB Statement 83 – Certain Asset Retirement Obligations
This Statement addresses accounting and financial reporting for certain asset retirement obligations.

GASB Statement 88– Certain Disclosures Related to Debt, including Direct Borrowings and Direct Placements

The primary objective of this Statement is to improve the information that is disclosed in notes to government financial statements related to debt, including direct borrowings and direct placements. It also clarifies which liabilities governments should include when disclosing information related to debt.

Pronouncements effective for fiscal years beginning after December 15, 2018. (2019 financial statements):

GASB Statement 84 – Fiduciary Activities
This Statement improves guidance regarding the identification of fiduciary activities for accounting and financial reporting.

GASB Statement 90 – Majority Equity Interests—an amendment of GASB Statements No. 14 and No. 61)
This Statement will improve financial reporting by providing users of financial statements with essential information related to presentation of majority equity interests in legally separate organizations that previously was reported inconsistently. In addition, requiring reporting of information about component units if the government acquires a 100 percent equity interest provides information about the cost of services to be provided by the component unit in relation to the consideration provided to acquire the component unit.

2020 Financial Statements

Pronouncements effective for fiscal years beginning after December 15, 2019. (2020 financial statements):

GASB Statement 87 – Leases
The objective of this Statement is to better meet the information needs of financial statement users by improving accounting and financial reporting for leases by governments.

GASB Statement 89 – Accounting for Interest Cost Incurred before the End of Construction Period
The objectives of this Statement are (1) to enhance the relevance and comparability of information about capital assets and the cost of borrowing for a reporting period and (2) to simplify accounting for interest cost incurred before the end of a construction period.

2021 Financial Statements

Pronouncements effective for fiscal years beginning after December 15, 2020. (2021 financial statements):

GASB Statement 91 – Conduit Debt Obligations
The objectives of this Statement are to provide a single method of reporting conduit debt obligations by issuers and eliminate diversity in practice associated with (1) commitments extended by issuers, (2) arrangements associated with conduit debt obligations, and (3) related note disclosures.

Webpage Updated: June 14, 2019