08-08-2022 Council Packet - Laserfiche WebLink

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Future Accounting Standard Changes (Continued) GASB Statement No. 92 - Omnibus 2020 Summary The objectives of this Statement are to enhance comparability in accounting and financial reporting and to improve the consistency of authoritative literature by addressing practice issues that have been identified during implementation and application of certain GASB Statements. This Statement addresses a variety of topics and includes specific provisions about the following: •The effective date of Statement No. 87, Leases, and Implementation Guide No. 2019-3, Leases, for interim financial reports •Reporting of intra-entity transfers of assets between a primary government employer and a component unit defined benefit pension plan or defined benefit other postemployment benefit (OPEB) plan •The applicability of Statements No. 73, Accounting and Financial Reporting for Pensions and Related Assets That Are Not within the Scope of GASB Statement 68, and Amendments to Certain Provisions of GASB Statements 67 and 68, as amended, and No. 74, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans, as amended, to reporting assets accumulated for postemployment benefits •The applicability of certain requirements of Statement No. 84, Fiduciary Activities, to postemployment benefit arrangements •Measurement of liabilities (and assets, if any) related to asset retirement obligations (AROs) in a government acquisition •Reporting by public entity risk pools for amounts that are recoverable from reinsurers or excess insurers •Reference to nonrecurring fair value measurements of assets or liabilities in authoritative literature •Terminology used to refer to derivative instruments. Effective Date and Transition The requirements of this Statement are effective as follows: •The requirements related to the effective date of Statement 87 and Implementation Guide 2019 -3, reinsurance recoveries, and terminology used to refer to derivative instruments are effective upon issuance. •The requirements related to intra-entity transfers of assets and those related to the applicability of Statements 73 and 74 are effective for fiscal years beginning after June 15, 2020. •The requirements related to application of Statement 84 to postemployment benefit arrangements and those related to nonrecurring fair value measurements of assets or liabilities are effective for reporting periods beginning after June 15, 2020. •The requirements related to the measurement of liabilities (and assets, if any) associated with AROs in a government acquisition are effective for government acquisitions occurring in reporting periods beginning after June 15, 2020. Earlier application is encouraged and is permitted by topic. DRAFT 8