The GASB has issued an Exposure Draft to provide some additional guidance regarding practice issues that arose during implementation and general practice relating to certain recent pronouncements and other relevant practice issues. The Omnibus Exposure Draft covers the following topics:
- Accounting and financial reporting regarding exchange or exchange-like financial guarantees
- Classification and reporting of certain derivative instruments that are not hedging derivative instruments or investment derivative instruments
- Clarification of certain provisions of:
- Statement No. 87, Leases
- Statement No. 94, Public-Private and Public-Public Partnerships and Availability Payment Arrangements (P3s)
- Statement No. 96, Subscription-Based Information Technology Arrangements (SBITAs)
- Extension of the period during which the London Interbank Offered Rate (LIBOR) can be utilized
- Accounting for the distribution of benefits as part of the Supplemental Nutrition Assistance Program (SNAP)
- Disclosures related to nonmonetary transactions
- Pledges of future revenues when resources are not received by the pledging government
- Updating certain terminology for consistency with existing authoritative standards.
Written comments may be submitted by September 17, 2021 addressed to the Director of Research and Technical Activities, Project No. 37-1, and emailed to director@gasb.org.
The proposed Statement would be effective
- Upon issuance regarding the LIBOR rate
- For periods beginning after June 15, 2022 relating to leases, P3s, SBITAs
- For periods beginning after June 15, 2023 for the remaining provisions
The full text of the Exposure Draft is available here.
Readers should not act upon information presented without individual professional consultation.