The GASB issued Statement No. 84, Fiduciary Activities, in January 2017. The objective of this Statement is to improve guidance regarding the identification of fiduciary activities for accounting and financial reporting purposes and how those activities should be reported. This statement is effective for reporting periods beginning after December 15, 2019. The University is evaluating whether there will be any material impact from its adoption of GASB 84.
The GASB issued Statement No. 87, Leases, in June 2017. 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. This statement is effective for reporting periods beginning after June 15, 2021. The University is evaluating whether there will be any material impact from its adoption of GASB 87.
The GASB issued Statement No. 90, Majority Equity Interest - An Amendment of GASB Statements No. 14 and No. 61, in August 2018. The primary objectives of this Statement are to improve the consistency and comparability of reporting a government’s majority equity interest in a legally separate organization and to improve the relevance of financial statement information for certain component units. This statement is effective for reporting periods beginning after December 15, 2019. The University is evaluating whether there will be any material impact from its adoption of GASB 90.
The GASB issued Statement No. 91, Conduit Debt Obligations, in May 2019. The objectives of this Statement are 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 disclosures. This statement is effective for reporting periods beginning after December 15, 2021. The University is evaluating whether there will be any material impact from its adoption of GASB 91.
The GASB issued Statement No. 92, Omnibus 2020, in January 2020. 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: (a) The effective date of Statement No. 87, Leases, and Implementation Guide No. 2019-3, Leases, for interim financial reports and (b) The applicability of certain requirements of Statement No. 84, Fiduciary Activities, to postemployment benefit arrangements. Certain requirements of this statement are effective immediately and others are effective for reporting periods beginning after June 15, 2021. For the requirements effective immediately, the University has determined there will be no material impact from its adoption of GASB 92. For the requirements effective for reporting periods beginning after June 15, 2021, the University is evaluating whether there will be any material impact from its adoption of GASB 92.
The GASB issued Statement No. 93, Replacement of Interbank Offered Rates, in March 2020. The objective of this Statement is to address those and other accounting and financial reporting implications that result from the replacement of the IBOR. The requirements of this Statement, except for paragraphs 11b, 13, and 14 are effective for reporting periods beginning after June 15, 2020. The requirement in paragraph 11b is effective for reporting periods ending after December 31, 2021. The requirements in paragraphs 13 and 14 are effective for fiscal years periods beginning after June 15, 2021, and all reporting periods thereafter. The University is evaluating whether there will be any material impact from its adoption of GASB 93.
The GASB issued Statement No. 94, Public-Private and Public-Public Partnerships and Availability Payment Arrangements, in March 2020. The objective of this Statement is to improve financial reporting by addressing issues related to public-private partnership arrangements. This Statement also provides guidance for accounting and financial reporting for availability payment arrangements. The statement is effective for reporting periods beginning after June 15, 2022. The University is evaluating whether there will be any material impact from its adoption of GASB 94.
The GASB issued Statement No. 95, Postponement of the Effective Dates of Certain Authoritative Guidance, in May 2020. The objective of this Statement is to provide temporary relief to governments and other stakeholders in light of the COVID-19 pandemic. That objective is accomplished by postponing the effective dates of certain provisions in Statements 83 - 93. The effective dates disclosed 76 above have been adjusted to reflect this deferral. The University is evaluating whether it will postpone implementation of certain of the applicable GASB Statements.
The GASB issued Statement No. 96, Subscription-Based Information Technology Arrangements, in May 2020. The objective of this Statement is to provide guidance on the accounting and financial reporting for subscription-based information technology arrangements for government end users. The statement is effective for reporting periods beginning after June 15, 2022. The University is evaluating whether there will be any material impact from its adoption of GASB 96.
The GASB issued Statement No. 97, Certain Component Unit Criteria, and Accounting and Financial Reporting for Internal Revenue Code Section 457 Deferred Compensation Plans - an amendment of GASB Statements No. 14 and No. 84, and a supersession of GASB Statement No. 32, in June 2020. The primary objectives of this Statement are to (1) increase consistency and comparability related to the reporting of fiduciary component units in circumstances in which a potential component unit does not have a governing board and the primary government performs the duties that a governing board typically would perform; (2) mitigate costs associated with the reporting of certain defined contribution pension plans, defined contribution other postemployment benefit (OPEB) plans, and employee benefit plans other than pension plans or OPEB plans (other employee benefit plans) as fiduciary component units in fiduciary fund financial statements; and (3) enhance the relevance, consistency, and comparability of the accounting and financial reporting for Internal Revenue Code (IRC) Section 457 deferred compensation plans (Section 457 plans) that meet the definition of a pension plan and for benefits provided through those plans. The requirements in (1) paragraph 4 of this Statement as it applies to defined contribution pension plans, defined contribution OPEB plans, and other employee benefit plans and (2) paragraph 5 of this Statement are effective immediately. All other requirements of this Statement are effective for reporting periods beginning after June 15, 2021. For the requirements effective immediately, the University has determined there will be no material impact from its adoption of GASB 97. For the requirements effective for reporting periods beginning after June 15, 2021, the University is evaluating whether there will be any material impact from its adoption of GASB 97.
