Summaries / Status
STATUS OF INTERPRETATION NO. 6
RECOGNITION AND MEASUREMENT OF CERTAIN LIABILITIES AND EXPENDITURES IN GOVERNMENTAL FUND FINANCIAL STATEMENTS—AN INTERPRETATION OF NCGA STATEMENTS 1, 4, AND 5; NCGA INTERPRETATION 8; AND GASB STATEMENTS NO. 10, 16, AND 18
Status
Issued: March 2000
Effective Date:
Coincides with the effective date of Statement 34 for the reporting government. That is, the requirements of this Interpretation 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 annual revenues of $100 million or more—should apply the requirements of this Interpretation 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 Interpretation 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 Interpretation in financial statements for periods beginning after June 15, 2003.
Affects:
- Amends NCGAS 1, ¶43, ¶70, and ¶72
- Interprets NCGAS 1, ¶57
- Amends NCGAS 4, ¶13, ¶16, and ¶17
- Amends NCGAS 5, ¶13
- Amends NCGAI 8, ¶12
- Amends GASBS 10, ¶64
- Amends GASBS 16, ¶13
- Amends GASBS 17, ¶6
- Amends GASBS 18, ¶10
- Paragraph 5 amended by GASBS 47, ¶3 and GASBS 87, ¶35 and ¶36
- Paragraph 6 amended by GASBS 47, ¶3
- Paragraph 7 amended by GASBS 45, ¶19; GASBS 73, ¶115 and ¶116; and GASBS 87, ¶3
- Footnote 3 superseded by GASBS 45, ¶4
- Paragraph 9 amended by GASBS 47, ¶3; GASBS 49, ¶9 and ¶24; GASBS 83, ¶8 and ¶24; and GASBS 87, ¶20
- Paragraph 11 amended by GASBS 47, ¶3; GASBS 49, ¶24; GASBS 83, ¶8 and ¶24; and GASBS 87, ¶35 and ¶36
- Paragraph 13 amended by GASBS 87, ¶35 and ¶36
- Paragraph 14 amended by GASBS 47, ¶16; GASBS 49, ¶24; and GASBS 83, ¶8 and ¶24; will be amended by GASBS 101, ¶29
- Footnote 7 amended by GASBS 47, ¶3 and ¶12–¶14; GASBS 49, ¶9; and GASBS 83, ¶8 and ¶24
- Paragraph 16 amended by GASBS 54, ¶5
Primary Codification Section References: 1500, 1600
Abbreviations for Accounting Pronouncements
GASBS - GASB Statements
GASBCS - GASB Concepts GASBI - GASB Interpretations GASBTB - GASB Technical Bulletins GASBIG - GASB Implementation Guides |
NCGAS - NCGA Statements
NCGAI - NCGA Interpretations AICPA SOP - AICPA Statements of Position AICPA ASLGU - AICPA Audit Guide (1974) BFC - Basis For Conclusions |