Status of Statement No. 38

Summaries / Status

Status of Statement No. 38
Certain Financial Statement Note Disclosures


Status

Issued: June 2001 

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.

Affects:

  • Amends NCGAS 1, ¶11, ¶62, and ¶158
  • Rescinds NCGAS 1, ¶92
  • Amends NCGAS 5, ¶27
  • Amends NCGAI 3, ¶8
  • Amends NCGAI 6, ¶4 and ¶5
Affected by:
  • Paragraph 13 amended by GASBS 63, ¶8 and GASBS 68, ¶122

Other Interpretive Literature:

    GASB Comprehensive Implementation Guide



Abbreviations for Accounting Pronouncements

GASBS - GASB Statements
GASBCS - GASB Concepts
GASBI - GASB Interpretations
GASBTB - GASB Technical Bulletins
BFC - Basis For Conclusions
NCGAS - NCGA Statements
NCGAI - NCGA Interpretations
SOP - AICPA Statements of Position
ASLGU - AICPA Audit Guide
GASB Q&A - GASB Implementation Guides