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<br /> <br />Future Accounting Standard Changes (Continued) <br /> <br />• Clarification of provisions in Statement No. 34, Basic Financial Statements—and Management’s Discussion and <br />Analysis—for State and Local Governments, as amended, related to the focus of the government-wide financial <br />statements <br /> <br />• Terminology updates related to certain provisions of Statement No. 63, Financial Reporting of Deferred Outflows <br />of Resources, Deferred Inflows of Resources, and Net Position <br /> <br />• Terminology used in Statement 53 to refer to resource flows statements. <br /> <br />Effective Date and Transition <br /> <br />The requirements of this Statement that are effective as follows: <br /> <br />• The requirements related to extension of the use of LIBOR, accounting for SNAP distributions, disclosures of <br />nonmonetary transactions, pledges of future revenues by pledging governments, clarification of certain provisions <br />in Statement 34, as amended, and terminology updates related to Statement 53 and Statement 63 are effective <br />upon issuance. <br /> <br />• The requirements related to leases, PPPs, and SBITAs are effective for fiscal years beginning after June 15, 2022, <br />and all reporting periods thereafter. <br /> <br />• The requirements related to financial guarantees and the classification and reporting of derivative instruments <br />within the scope of Statement 53 are effective for fiscal years beginning after June 15, 2023, and all reporting <br />periods thereafter. <br /> <br />The Board considered the effective dates for the requirements of this Statement in light of the COVID-19 pandemic and in <br />concert with Statement No. 95, Postponement of the Effective Dates of Certain Authoritative Guidance. <br /> <br />How the Changes in This Statement Will Improve Accounting and Financial Reporting <br /> <br />The requirements of this Statement will enhance comparability in the application of accounting and financial reporting <br />requirements and will improve the consistency of authoritative literature. Consistent authoritative literature enables <br />governments and other stakeholders to more easily locate and apply the correct accounting and financial reporting <br />provisions, which improves the consistency with which such provisions are applied. The comparability of financial <br />statements also will improve as a result of this Statement. Better consistency and comparability improve the usefulness <br />of information for users of state and local government financial statements. <br /> <br />9 214