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New GASB Standard Addresses

Lease Accounting, OPEB, Other Issues

 

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Issues for state and local governments related to lease accounting, other post-employment benefits (OPEB), and other topics were addressed Wednesday in an omnibus standard issued by GASB.

The new standard, GASB Statement No. 92Omnibus 2020, addresses various issues that include:

  • Modifying the effective date of Statement No. 87, Leases, as well as associated implementation guidance, to fiscal years beginning after Dec. 15, 2019, to address concerns about interim financial reports. These requirements take effect on issuance.
  • Reporting of intra-entity transfers of assets between a primary government employer and a component unit defined benefit pension plan or defined benefit OPEB plan. These provisions take effect for fiscal years beginning after June 15, 2020.

 Full Article

Source: Journal Of Accountancy

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