GASB Proposes Omnibus Statement Addressing Wide
Range of Practice Issues
Norwalk, CT, July 9, 2019—The
Governmental Accounting Standards Board (GASB) has proposed guidance addressing
various accounting and financial reporting issues identified during the
implementation and application of certain GASB pronouncements.
The
issues covered by the Exposure
Draft, Omnibus 20xx, include:
- The effective date of Statement No. 87, Leases, to address
concerns regarding interim financial reports
- Reporting of intra-entity transfers of assets between a primary government
employer and a component unit pension plan or other postemployment benefit
(OPEB) plan
- The applicability of Statement No. 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, as amended, and Statement No. 74, Financial Reporting
for Postemployment Benefit Plans Other Than Pension Plans, as amended, to
reporting assets accumulated for pensions and OPEB
- The applicability of certain requirements of Statement No. 84,
Fiduciary Activities, to pension and OPEB arrangements, and
- Measurement of liabilities and assets, if any, related to asset retirement
obligations in a government acquisition.
The Exposure
Draft is available on the GASB website, http://www.gasb.org/. The GASB invites
stakeholders to review the proposal and provide comments by October 4, 2019.