by Jason Parker | Sep 20, 2020. The requirements of the related Statement are effective in three phases based on a government's total annual revenues in the first fiscal year ending after June 15, 1999: If comparative financial statements are presented, restatement of prior-period financial statements is required. On May 2, 2019, the GASB issued Implementation Guide No. Effective date beginning after: December 15, 1995 Certain Asset Retirement Obligations, or GASB Statement No. 55 (Superseded) It was originally set to take effect for reporting periods starting after Dec. 15, 2019, but in May of this year, GASB issued Statement No. Governmental College and University Omnibus Statement—an amendment of GASB Statements No. Implementation Guide No. Statement 84 is effective for reporting periods beginning after December 15, 2018—FY19 for most public institutions. The Government Accounting Standards Board approved Statements 67 and 68 on June 25, 2012. Elements of Financial Statements [Full Text]  [Summary]  [Status], Statement No. 10, 16, and 18. 29 (Superseded) In particular, GASB-88 distinguishes reporting standards for direct borrowing (such as when the government takes out a loan from a bank) versus direct placements (such as when the government issues bonds directly to investors). Effective Date: Except for the requirements of Questions 4.85, 4.103, 4.109, 4.225, 4.239, 4.244, 4.245, and 5.1–5.4, and the requirements of Questions 4.484 and 4.491 in circumstances in which OPEB is provided through an OPEB plan that is administered through a trust that meets the criteria in paragraph 4 of Statement 75, the requirements of this Implementation Guide are effective for reporting periods beginning after June 15, 2017. This will not change that at all. Implementation Guide No. Financial Reporting for Reverse Repurchase Agreements—an interpretation of GASB Statement No. Governments that were phase 1 governments for the purpose of implementation of Statement 34—those with annual revenues of $100 million or more—are required to implement this Statement in financial statements for periods beginning after December 15, 2006. [Full Text]  [Summary]  [Status], Statement No. 28 47 On May 2, 2019, the GASB issued Implementation Guide No. [Full Text]  [Summary]  [Status], Concepts Statement No. The 2019 U.S. Financial Reporting Taxonomy (Taxonomy) contains updates for accounting standards and other improvements since the 2018 Taxonomy as used by issuers filing with the U.S. Securities and Exchange Commission (SEC). With the implementation of the pension and other postemployment benefits standards not far in the rearview mirror, there are two new standards that will have an impact on financial reporting. Effective date beginning after: June 15, 1996 [Full Text]  [Summary]  [Status], Statement No. 84, Fiduciary Activities. 2020-1 Effective date ending after: Dec. 15, 1986 So for your standard municipality, there’s no real change from an operations standpoint. The decision by GASB took effect immediately, and came in response to requests by governments across the country grappling with the coronavirus pandemic. (Issued 11/92) (Issued 11/06) 37 [Full Text]  [Summary]  [Status], Statement No. Pension Disclosures—an amendment of GASB Statements No. GASB 87 New Standards: From Cloudy to Clear. (Issued 03/09) 88, Certain 83, … (Issued 8/93) (Issued 7/84) [Full Text]  [Summary]  [Status], Statement No. Earlier application is encouraged if the related OPEB plan provision of Statement No. 75. 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