GASB issues omnibus statement
ARTICLE | May 25, 2022
Authored by RSM US LLP
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.
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 is 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/about us for more information regarding RSM US LLP and RSM International. The RSM logo is used under license by RSM US LLP. RSM US Alliance products and services are proprietary to RSM US LLP.
Pugh CPAs is a proud member of RSM US Alliance, a premier affiliation of independent accounting and consulting firms in the United States. RSM US Alliance provides our firm with access to resources of RSM US LLP, the leading provider of audit, tax and consulting services focused on the middle market. RSM US LLP is a licensed CPA firm and the U.S. member of RSM International, a global network of independent audit, tax and consulting firms with more than 43,000 people in over 120 countries.
Our membership in RSM US Alliance has elevated our capabilities in the marketplace, helping to differentiate our firm from the competition while allowing us to maintain our independence and entrepreneurial culture. We have access to a valuable peer network of like-sized firms as well as a broad range of tools, expertise and technical resources.
For more information on how Pugh CPAs can assist you, please call 865.769.0660.
Call us at 865.769.0660 or fill out the form below and we'll contact you to discuss your specific situation.