The Governmental Accounting Standards Board (GASB) are updated annually, but Covid-19 postponed the effective dates of certain provisions in Statements and Implementation Guides that first became effective or were scheduled to become effective for periods beginning after June 15, 2018, and later. This means the new rules that were issued in 2018-2019 were extended, moving the effective dates into 2021 and 2022. Below you will find information on past and upcoming standards. Scroll over each standard to learn more.
GASB Standards Effective in 2023
Accounting Changes and Error Corrections
GASB 100
This is an amendment of Statement 62. It defines accounting changes as changes in accounting principles, accounting estimates, & changes to or within the financial reporting entity and describes the transactions or other events that constitute those changes, along with the accounting, reporting, and disclosures relating to these changes.
The requirements of GASB Statement No. 100 are effective for the reporting periods beginning after June 15, 2023.
The requirements of GASB Statement No. 100 are effective for the reporting periods beginning after June 15, 2023.
Compensated Absence
GASB 101
This statement requires that liabilities for compensated absences be recognized for (1) leave that has not been used and (2) leave that has been used but not yet paid in cash or settled through noncash means.
The requirements of GASB Statement No. 101 are effective for the reporting periods beginning after June 15, 2023.
The requirements of GASB Statement No. 101 are effective for the reporting periods beginning after June 15, 2023.
GASB Standards Effective in 2022
Public Private Partnerships and Availability Payment Arrangements
GASB 94
Issued to improve financial reporting by establishing the definitions of Public Private Partnerships and Availability Payment arrangements and providing uniform guidance on accounting and financial reporting for transactions that meet those definitions.
The requirements of GASB Statement No. 94 are effective for the reporting periods beginning after June 15, 2022.
The requirements of GASB Statement No. 94 are effective for the reporting periods beginning after June 15, 2022.
Subscription-Based Information Technology Arrangements
GASB 96
The requirements of GASB Statement No. 96 are effective for the reporting periods beginning after June 15, 2022.
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The Annual Comprehensive Financial Report
GASB 98
Establishes the term annual comprehensive financial report and its acronym ACFR. This new term and acronym replace instances of comprehensive annual financial report and its acronym in generally accepted accounting principles for state and local governments.
The requirements of GASB Statement No. 98 are effective for the reporting periods ending after December 15, 2021.
The requirements of GASB Statement No. 98 are effective for the reporting periods ending after December 15, 2021.
Omnibus 2022
GASB 99
Issued as guidance addressing various accounting and financial reporting issues identified during the implementation and application of Statement Numbers 34, 53, 63 87, 94, and 96.
The various requirements of GASB Statement No. 99 are effective beginning as early as April 2022.
The various requirements of GASB Statement No. 99 are effective beginning as early as April 2022.
GASB Standards Effective in 2021
Leases
GASB Statement 87
Issued to improve the consistency of accounting and financial reporting for leases by governments by requiring recognition of certain lease assets and liabilities for leases that previously were classified as operating leases and recognized as inflows of resources or outflows of resources based on the payment provisions of the contract.
The requirements of GASB Statement No. 87 are effective for reporting periods beginning after December 15, 2021.
The requirements of GASB Statement No. 87 are effective for reporting periods beginning after December 15, 2021.
Accounting for Interest Cost Incurred before the End of a Construction Period
GASB Statement 89
Issued to enhance the relevance and comparability of information about capital assets and the costs of borrowing for a period and to simplify accounting for interest cost incurred before the end of a construction period.
The requirements of GASB Statement No.89 are effective for reporting periods beginning after December 15, 2021.
The requirements of GASB Statement No.89 are effective for reporting periods beginning after December 15, 2021.
Conduit Debt Obligations
GASB Statement 91
Issued 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 disclosure.
The requirements of GASB Statement No. 91 are effective for reporting periods beginning after December 15, 2021.
The requirements of GASB Statement No. 91 are effective for reporting periods beginning after December 15, 2021.
Omnibus 2020
GASB Statement 92
The various requirements of GASB Statement No. 92 are effective for the reporting periods beginning after June 15, 2021.
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Replacement of Interbank Offered Rate
GASB Statement 93
Issued as result of global reference rate reform, in which LIBOR is expected to cease to exist, prompting governments to amend or replace financial instruments for the purpose of replacing LIBOR with other reference rates, by either changing the reference rate or adding or changing fallback provisions related to the reference rate.
The requirements of GASB Statement No. 93 are effective for the reporting periods beginning after June 15, 2021.
The requirements of GASB Statement No. 93 are effective for the reporting periods beginning after June 15, 2021.
Certain Component Unit Criteria, & Accounting & Financial Reporting for IRC §457 Deferred Compensation Plan
GASB Statement 97: An amendment of GASB Statements No. 14 & No. 84,
a supersession of GASB Statement No. 32
a supersession of GASB Statement No. 32
The requirements of GASB Statement No. 97 are effective for the reporting periods beginning after June 15, 2021.
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GASB Standards Effective in 2020
Fiduciary Activities
GASB Statement 84
Issued to improve guidance regarding the identification of fiduciary activities for accounting and financial reporting purposes and how these activities should be reported.
The requirements of GASB Statement No. 84 are effective for the reporting periods beginning after 12/15/20.
The requirements of GASB Statement No. 84 are effective for the reporting periods beginning after 12/15/20.
Majority Equity Interest
GASB Statement 90: An Amendment of GASB Statements No. 14 and No. 61
Issued to improve the consistency and comparability of reporting a government’s majority interest in a legally separate organization and to improve the relevance of financial statement information for certain component units.
The requirements of GASB Statement No. 90 are effective for the reporting periods beginning after 12/15/20.
The requirements of GASB Statement No. 90 are effective for the reporting periods beginning after 12/15/20.
Many of these statements will affect our clients – if you have any questions or concerns about how they may affect your organization, please reach out to our assurance team.
Kirsten Robertson
A Strategic Analyst on our assurance team, Kirsten maintains expertise to provide auditing services with a specialization in Avizo’s governmental and construction-based niches. She is one of the primary leads on our in-field audits and completes training for all members of the firm before they visit clients offices.
