The GASB has issued Statement No. 99 to provide additional guidance regarding practice issues that arose during implementation of certain recent pronouncements and other relevant practice issues. The Omnibus Statement covers the following topics:
- Accounting and financial reporting regarding exchange or exchange-like financial guarantees
- Classification and reporting of certain derivative instruments that are not hedging derivative instruments or investment derivative instruments
- Clarification of certain provisions of:
- Statement No. 87, Leases
- Statement No. 94, Public-Private and Public-Public Partnerships and Availability Payment Arrangements (P3s)
- Statement No. 96, Subscription-Based Information Technology Arrangements (SBITAs)
- Extension of the period during which the London Interbank Offered Rate (LIBOR) can be utilized as a benchmark interest rate for hedge accounting purposes
- Accounting for the distribution of benefits as part of the Supplemental Nutrition Assistance Program (SNAP)
- Disclosures related to nonmonetary transactions
- Pledges of future revenues when resources are not received by the pledging government
- Clarification of provisions of Statement No. 34, Basic Financial Statements and Management’s Discussion and Analysis- for State and Local Governments, as amended relating to focus of government-wide financial statements
- Updating certain terminology for consistency with existing authoritative standards
Statement No. 99 is effective as follows:
- The requirements related to extension of the use of LIBOR, accounting for SNAP distributions, disclosures of nonmonetary transactions, pledges of future revenues by pledging governments, clarification of certain provisions in Statement No. 34, as amended, and terminology updates related to Statement No. 53 and Statement No. 63 are effective upon issuance.
- The requirements related to leases, P3s and SBITAs are effective for fiscal years beginning after June 15, 2022 and all reporting periods thereafter.
- The requirements related to financial guarantees and the classification and reporting of derivative instruments within the scope of Statement No. 53 are effective for fiscal years beginning after June 15, 2023 and all reporting periods thereafter.
The full text of Statement No. 99 is available here