GASB ISSUES OMNIBUS STATEMENT ADDRESSING
A BROAD RANGE OF PRACTICE ISSUES
Norwalk, CT, March 20, 2017—The Governmental Accounting
Standards Board (GASB) today issued guidance addressing several
different accounting and financial reporting issues identified during
the implementation and application of certain GASB pronouncements.
The issues covered by GASB Statement No. 85, Omnibus 2017, include:
Statement 85 also addresses issues similar to those covered in Statements No. 78, Pensions Provided through Certain Multiple-Employer Defined Benefit Pension Plans, and No. 82, Pension Issues, including:
- Blending a component unit in circumstances in which the primary
government is a business-type activity reporting in a single column for
financial statement presentation
- Reporting amounts previously reported as goodwill and "negative" goodwill
- Classifying real estate held by insurance entities
- Measuring certain money market investments and participating interest-earning investment contracts at amortized cost
- Timing of the measurement of pension and other postemployment
benefits (OPEB) liabilities and related expenditures recognized in
financial statements prepared using the current financial resources
- Recognizing on-behalf payments for pensions or OPEB in employer financial statements, and
- Simplifying certain aspects of the alternative measurement method for OPEB.
The provisions of Statement 85 are effective for periods beginning after June 15, 2017. Earlier application is encouraged.
- Presenting payroll-related measures in required supplementary information by OPEB plans and employers that provide OPEB
- Classifying employer-paid member contributions for OPEB, and
- Accounting and financial reporting for OPEB provided through certain multiple-employer defined benefit OPEB plans.
The Statement is available on the GASB website, www.gasb.org.