Summaries / Status

Each Statement of the Governmental Accounting Standards Board listed below, contains a link to the Summary of the pronouncement and to information on the status of that document. Status information includes the most recently issued Statements.

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Copyright Notice: Summaries and Status sections for GASB documents posted at this website are copyrighted by the Governmental Accounting Standards Board, 401 Merritt 7, Norwalk, Connecticut 06856. All rights reserved.

Statement No. 56
Codification of Accounting and Financial Reporting Guidance Contained in the AICPA Statements on Auditing Standards
Effective date: Effective upon issuance
(Issued 03/09)
[Summary] [Status]

Statement No. 55
The Hierarchy of Generally Accepted Accounting Principles for State and Local Governments
Effective date: Effective upon issuance
(Issued 03/09)
[Summary] [Status]

Statement No. 54
Fund Balance Reporting and Governmental Fund Type Definitions
Effective date: For periods beginning after June 15, 2010
(Issued 03/09)
[Summary] [Status]

Statement No. 53
Accounting and Financial Reporting for Derivative Instruments
Effective date: For periods beginning after June 15, 2009
(Issued 06/08)
[Summary] [Status]

Statement No. 52
Land and Other Real Estate Held as Investments by Endowments
Effective date: For periods beginning after June 15, 2008
(Issued 11/07)
[Summary] [Status]

Statement No. 51
Accounting and Financial Reporting for Intangible Assets
Effective Date: For periods beginning after June 15, 2009
(Issued 06/07)
[Summary] [Status]

Statement No. 50
Pension Disclosures—an amendment of GASB Statements No. 25 and No. 27
Effective date: For periods beginning after June 15, 2007, except for requirements related to the use of the entry age actuarial cost method for the purpose of reporting surrogate funded status and funding progress information for plans that use the aggregate actuarial cost method, which are effective for periods for which the financial statements and required supplementary information contain information resulting from actuarial valuations as of June 15, 2007, or later.
(Issued 05/07)
[Summary] [Status]

Statement No. 49
Accounting and Financial Reporting for Pollution Remediation Obligations
Effective date: For periods beginning after December 15, 2007
(Issued 11/06)
[Summary] [Status]

Statement No. 48
Sales and Pledges of Receivables and Future Revenues and Intra-Entity Transfers of Assets and Future Revenues
Effective date: For periods beginning after December 15, 2006
(Issued 09/06)
[Summary] [Status]

Statement No. 47
Accounting for Termination Benefits
Effective date: For periods beginning after June 15, 2005
(Issued 06/05)
[Summary] [Status]

Statement No. 46
Net Assets Restricted by Enabling Legislation—an amendment of GASB Statement No. 34
Effective date: For periods beginning after June 15, 2005. Earlier application is encouraged.
(Issued 12/04)
[Summary] [Status]

Statement No. 45
Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions
Effective date: The requirements of this Statement are effective in three phases based on a government's total annual revenues in the first fiscal year ending after June 15, 1999:

• 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.
• Governments that were phase 2 governments for the purpose of implementation of Statement 34—those with total annual revenues of $10 million or more but less than $100 million—are required to implement this Statement in financial statements for periods beginning after December 15, 2007.
• Governments that were phase 3 governments for the purpose of implementation of Statement 34—those with total annual revenues of less than $10 million—are required to implement this Statement in financial statements for periods beginning after December 15, 2008.

Earlier application of this Statement is encouraged. All component units should implement the requirements of this Statement no later than the same year as their primary government.

Statement No. 44
Economic Condition Reporting: The Statistical Section—an amendment of NCGA Statement 1
Effective date: Statistical sections prepared for periods beginning after June 15, 2005
(Issued 5/04)
[Summary] [Status]

Statement No. 43
Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans
Effective date: The requirements of this Statement for OPEB plan reporting are effective one year prior to the effective date of the related Statement for the employer (single-employer plan) or for the largest participating employer in the plan (multiple-employer plan). 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:

• Plans in which the sole or largest employer is a phase 1 government—with annual revenues of $100 million or more—are required to implement this Statement in financial statements for periods beginning after December 15, 2005.
• Plans in which the sole or largest employer is a phase 1 government—with total annual revenues of $10 million or more but less than $100 million—are required to implement this Statement in financial statements for periods beginning after December 15, 2006.
• Plans in which the sole or largest employer is a phase 1 government—with total annual revenues of less than $10 million—are required to implement this Statement in financial statements for periods beginning after December 15, 2007.

If comparative financial statements are presented, restatement of prior-period financial statements is required. Early implementation is encouraged.

Statement No. 42
Accounting and Financial Reporting for Impairment of Capital Assets and for Insurance Recoveries
Effective date: For periods beginning after December 15, 2004
(Issued 11/03)
[Summary] [Status]

Statement No. 41
Budgetary Comparison Schedules—Perspective Differences—an amendment of GASB Statement No. 34
Effective date: This Statement should be implemented simultaneously with Statement 34. For governments that have implemented Statement 34 prior to the issuance of this Statement, the requirements of this Statement are effective for financial statements for periods beginning after June 15, 2002
(Issued 5/03)
[Summary] [Status]

Statement No. 40
Deposit and Investment Risk Disclosures—an amendment of GASB Statement No. 3
Effective Date: For periods beginning after June 15, 2004
(Issued 3/03)
[Summary] [Status]

Statement No. 39
Determining Whether Certain Organizations Are Component Units—an amendment of GASB Statement No. 14
Effective Date: For periods beginning after June 15, 2003
(Issued 5/02)
[Summary] [Status]

Statement No. 38
Certain Financial Statement Note Disclosures
Effective Date:  Coincides with the effective date of GASB Statement 34 for the reporting government. That is, the requirements of this Statement are effective in three phases based on a government's total annual revenues in the first fiscal year ending after June 15, 1999:

• Phase 1 governments—with total annual revenues of $100 million or more—should implement paragraphs 6 through 11 for fiscal periods beginning after June 15, 2001. These governments should implement paragraphs 12 through 15 for fiscal periods beginning after June 15, 2002.
• Phase 2 governments—with total annual revenues of $10 million or more but less than $100 million—should apply this Statement for fiscal periods beginning after June 15, 2002.
• Phase 3 governments—with total annual revenues of less than $10 million—should apply this Statement for fiscal periods beginning after June 15, 2003.

Earlier application is encouraged. However, paragraphs 6, 14, and 15 should be implemented only if Statement 34 has also been implemented.

Statement No. 37
Basic Financial Statements—and Management’s Discussion and Analysis—for State and Local Governments: Omnibus—an amendment of GASB Statements No. 21 and No. 34
Effective Date:  Coincides with the effective date of GASB Statement 34 for the reporting government. That is, the requirements of this Statement are effective in three phases based on a government’s total annual revenues in the first fiscal year ending after June 15, 1999:

• Phase 1 governments—with total annual revenues of $100 million or more—should apply the requirements of this Statement in financial statements for periods beginning after June 15, 2001.
• Phase 2 governments—with total annual revenues of $10 million or more but less than $100 million—should apply the requirements of this Statement in financial statements for periods beginning after June 15, 2002.
• Phase 3 governments—with total annual revenues of less than $10 million—should apply the requirements of this Statement in financial statements for periods beginning after June 15, 2003.

This Statement should be simultaneously implemented with Statement 34. Earlier application is encouraged, if done in conjunction with early adoption of Statement 34.

Statement No. 36
Recipient Reporting for Certain Shared Nonexchange Revenues—an amendment of GASB Statement No. 33
Effective date: Simultaneously with Statement 33, for periods beginning after June 15, 2000
(Issued 4/00)
[Summary] [Status]

Statement No. 35
Basic Financial Statements—and Management’s Discussion and Analysis—for Public Colleges and Universities—an amendment of GASB Statement No. 34
Effective Date: In three phases based on a public institution’s total annual revenues, beginning with periods beginning after June 15, 2001 and continuing through periods beginning after June 15, 2003. Public institutions that are component units of a primary government should implement this standard at the same time as that primary government.
(Issued 11/99)
[Summary] [Status]

Statement No. 34
Basic Financial Statements—and Management's Discussion and Analysis—for State and Local Governments

Effective dates:

• Phase 1—Financial statements for periods beginning after June 15, 2001, for governments with total annual revenues of $100 million or more in the first fiscal year ending after June 15, 1999. Different provisions apply for reporting general infrastructure assets at transition.

• Phase 2—Financial statements for periods beginning after June 15, 2002, for governments with total annual revenues of $10 million or more but less than $100 million in the first fiscal year ending after June 15, 1999. Different provisions apply for reporting general infrastructure assets at transition.

• Phase 3—Financial statements for periods beginning after June 15, 2003, for governments with total annual revenues of less than $10 million in the first fiscal year ending after June 15, 1999. Different provisions apply for reporting general infrastructure assets at transition.

Statement No. 33
Accounting and Financial Reporting for Nonexchange Transactions
Effective date beginning after: June 15, 2000
(Issued 12/98)
[Summary] [Status]

Statement No. 32
Accounting and Financial Reporting for Internal Revenue Code Section 457 Deferred Compensation Plans--a recission of GASB Statement No. 2 and an amendment of GASB Statement No. 31
Effective date beginning after: December 31, 1998 or when plan assets are held in trust under the requirements of IRC Section 457, subsection (g), if sooner.
(Issued 10/97)
[Summary] [Status]

Statement No. 31
Accounting and Financial Reporting for Certain Investments and for External Investment Pools
Effective date beginning after: June 15, 1997
(Issued 3/97)
[Summary] [Status]

Statement No. 30
Risk Financing Omnibus--an amendment of GASB Statement No. 10
Effective date beginning after: June 15, 1996
(Issued 2/96)
[Summary] [Status]

Statement No. 29
The Use of Not-for-Profit Accounting and Financial Reporting Principles by Governmental Entities
Effective date beginning after: Dec. 15, 1993 (with exceptions)
(Issued 8/95)
[Summary] [Status]

Statement No. 28
Accounting and Financial Reporting for Securities Lending Transactions
Effective date beginning after: Dec. 15, 1997
(Issued 5/95)
[Summary] [Status]

Statement No. 27
Accounting for Pensions by State and Local Governmental Employers
Effective date beginning after: June 15, 1997
(Issued 11/94)
[Summary] [Status]

Statement No. 26
Financial Reporting for Postemployment Healthcare Plans Administered by Defined Benefit Pension Plans
Effective date beginning after: June 15, 1996
(Issued 11/94)
[Summary] [Status]

Statement No. 25
Financial Reporting for Defined Benefit Pension Plans and Note Disclosures for Defined Contribution Plans
Effective date beginning after: June 15, 1996
(Issued 11/94)
[Summary] [Status]

Statement No. 24
Accounting and Financial Reporting for Certain Grants and Other Financial Assistance
Effective date beginning after: June 15, 1995
(Issued 6/94)
[Summary] [Status]

Statement No. 23
Accounting and Financial Reporting for Refundings of Debt Reported by Proprietary Activities
Effective date beginning after: June 15, 1994
(Issued 12/93)
[Summary] [Status]

Statement No. 22
Accounting for Taxpayer-Assessed Tax Revenues in Governmental Funds
Effective date beginning after: June 15, 1994
(Issued 12/93)
[Summary] [Status]

Statement No. 21
Accounting for Escheat Property
Effective date beginning after: June 15, 1994
(Issued 10/93)
[Summary] [Status]

Statement No. 20
Accounting and Financial Reporting for Proprietary Funds and Other Governmental Entities That Use Proprietary Fund Accounting
Effective date beginning after: Dec. 15, 1993
(Issued 9/93)
[Summary] [Status]

Statement No. 19
Governmental College and University Omnibus Statement--an amendment of GASB Statements No. 10 and 15
Effective date beginning after: Various
(Issued 9/93)
[Summary] [Status]

Statement No. 18
Accounting for Municipal Solid Waste Landfill Closure and Postclosure Care Costs
Effective date beginning after: June 15, 1993
(Issued 8/93)
[Summary] [Status]

Statement No. 17
Measurement Focus and Basis of Accounting--Governmental Fund Operating Statements: Amendment of the Effective Dates of GASB Statement No. 11 and Related Statements--an amendment of GASB Statements No. 10, 11, and 13
Effective date on issuance: June 1993
(Issued 6/93)
[Summary] [Status]

Statement No. 16
Accounting for Compensated Absences
Effective date beginning after: June 15, 1993
(Issued 11/92)
[Summary] [Status]

Statement No. 15
Governmental College and University Accounting and Financial Reporting Models
Effective date beginning after: June 15, 1992
(Issued 10/91)
[Summary] [Status]

Statement No. 14
The Financial Reporting Entity
Effective date beginning after: Dec. 15, 1992
(Issued 6/91)
[Summary] [Status]

Statement No. 13
Accounting for Operating Leases with Scheduled Rent Increases
Effective date beginning after: Various
(Issued 5/90)
[Summary] [Status]

Statement No. 12
Disclosure of Information on Postemployment Benefits Other Than Pension Benefits by State and Local Governmental Employers
Effective date beginning after: June 15, 1990
(Issued 5/90)
[Summary] [Status]

Statement No. 11
Measurement Focus and Basis of Accounting--Governmental Fund Operating Statements
Effective date ending after: Deferred
(Issued 5/90)
[Summary] [Status]

Statement No. 10
Accounting and Financial Reporting for Risk Financing and Related Insurance Issues
Effective date ending after: Various
(Issued 11/89)
[Summary] [Status]

Statement No. 9
Reporting Cash Flows of Proprietary and Nonexpendable Trust Funds and Governmental Entities That Use Proprietary Fund Accounting
Effective date beginning after: Dec. 15, 1989
(Issued 9/89)
[Summary] [Status]

Statement No. 8
Applicability of FASB Statement No. 93,"Recognition of Depreciation by Not-for-Profit Organizations," to Certain State and Local Governmental Entities
Effective date on issuance: Jan. 1988
(Issued 1/88)
[Summary] [Status]

Statement No. 7
Advance Refundings Resulting in Defeasance of Debt
Effective date beginning after: Dec. 15, 1986
(Issued 3/87)
[Summary] [Status]

Statement No. 6
Accounting and Financial Reporting for Special Assessments
Effective date beginning after: June 15, 1987
(Issued 1/87)
[Summary] [Status]

Statement No. 5
Disclosure of Pension Information by Public Employee Retirement Systems and State and Local Governmental Employers
Effective date beginning after: Dec. 15, 1986
(Issued 11/86)
[Summary] [Status]

Statement No. 4
Applicability of FASB Statement No. 87, "Employers' Accounting for Pensions," to State and Local Governmental Employers
Effective date on issuance: Sept. 1986
(Issued 9/86)
[Summary] [Status]

Statement No. 3
Deposits with Financial Institutions, Investments (including Repurchase Agreements), and Reverse Repurchase Agreements
Effective date ending after: Dec. 15, 1986
(Issued 4/86)
[Summary] [Status]

Statement No. 2
Financial Reporting of Deferred Compensation Plans Adopted under the Provisions of Internal Revenue Code Section 457
Effective date ending after: Dec. 15, 1986
(Issued 1/86)
[Summary] [Status]

Statement No. 1
Authoritative Status of NCGA Pronouncements and AICPA Industry Audit Guide
Effective date on issuance: July 1984
(Issued 7/84)
[Summary] [Status]