GASB Statements – effective for the current and future reporting years


2017 Financial Statements

Pronouncements effective for financial statements for periods beginning after June 15, 2016.  (2017 financial statements):

GASB Implementation Guide No. 2016-1 – Implementation Guidance Update – 2016
The objective of this Implementation Guide is to provide guidance that clarifies, explains, or elaborates on GASB Statements.

Pronouncements effective for financial statements for periods beginning after December 15, 2016.  (2017 financial statements):

GASB Statement 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. Requires pensions that are not covered under GASB 68 to follow the same requirements.

GASB Statement 74 – Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans
Aligns OPEB plans with existing pension plan standards. Will require changes to actuarial methodology, new note disclosures and new RSI schedule.

GASB Statement 80 – Blending Requirements for Certain Component Units
This Statement amends the blending requirements for the financial statement presentation of component units of all state and local governments. The additional criterion requires blending of a component unit incorporated as a not-for-profit corporation in which the primary government is the sole corporate member.

GASB Statement 81 – Irrevocable Split-Interest Agreements
This Statement addresses accounting and financial reporting for irrevocable split-interest agreements.

GASB Statement 82 – GASB Statement No. 82, Pension Issues—an amendment of GASB Statements No. 67, No. 68, and No. 73
This Statement addresses an employer’s pension liability that is measured as of a date other then the employer’s most recent fiscal year-end, among other pension issues.

GASB Implementation Guide No. 2017-2 – Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans
The objective of this Implementation Guide is to provide guidance that clarifies, explains, or elaborates on GASB Statements. Effective Date: Except for the requirements in Questions 4.80, 4.144, and 4.151, the requirements of this Implementation Guide are effective for reporting periods beginning after December 15, 2016. Earlier application is encouraged if Statement 74 has been implemented.


2018 Financial Statements

Pronouncements effective for fiscal years beginning after June 15, 2017. (2018 financial statements):

GASB Statement 75 – Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions
Aligns OPEB with existing pension standards. Will require changes to actuarial methodology, new note disclosures and new RSI schedule.

GASB Statement 85 – Omnibus 2017
This Statement addresses practice issues identified during the implementation and application of certain GASB Statements and covers a variety of topics related to blending component units, goodwill, fair value measurement and application, and postemployment benefits (pensions and other postemployment benefits [OPEB]).

GASB Statement 86 – Certain Debt Extinguishment Issues
This Statement addresses accounting and financial reporting for in-substance defeasance of debt and improves accounting and financial reporting for prepaid insurance on debt that is extinguished and notes to financial statements for debt that is defeased in substance.

GASB Implementation Guide No. 2017-1 – Implementation Guidance Update – 2017
The objective of this Implementation Guide is to provide guidance that clarifies, explains, or elaborates on GASB Statements.

GASB Implementation Guide No. 2017-2 – Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans
The objective of this Implementation Guide is to provide guidance that clarifies, explains, or elaborates on GASB Statements. The requirements in Questions 4.80, 4.144, and 4.151 are effective for reporting periods beginning after June 15, 2017. Earlier application is encouraged if the related OPEB plan provision of Statement No. 85, Omnibus 2017, has been implemented.


2019 Financial Statements

Pronouncements effective for fiscal years beginning after June 15, 2018. (2019 financial statements):

GASB Statement 83 – Certain Asset Retirement Obligations
This Statement addresses accounting and financial reporting for certain asset retirement obligations.

GASB Statement 88– Certain Disclosures Related to Debt, including Direct Borrowings and Direct Placements                                                                                                                                                           The primary objective of this Statement is to improve the information that is disclosed in notes to government financial statements related to debt, including direct borrowings and direct placements. It also clarifies which liabilities governments should include when disclosing information related to debt.

Pronouncements effective for fiscal years beginning after December 15, 2018. (2019 financial statements):

GASB Statement 84 – Fiduciary Activities
This Statement improves guidance regarding the identification of fiduciary activities for accounting and financial reporting.


2020 Financial Statements

Pronouncements effective for fiscal years beginning after December 15, 2019. (2020 financial statements):

GASB Statement 87 – Leases
The objective of this Statement is to better meet the information needs of financial statement users by improving accounting and financial reporting for leases by governments.

GASB Statement 89 – Accounting for Interest Cost Incurred before the End of Construction Period
The objectives of this Statement are (1) to enhance the relevance and comparability of information about capital assets and the cost of borrowing for a reporting period and (2) to simplify accounting for interest cost incurred before the end of a construction period.