Status of Statement No. 37

Summaries / Status

Status of 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


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 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.

Affects:

  • Amends NCGAS 1, Summary Statement of Principles No. 10, ¶99 and ¶108
  • Supersedes GASBS 21, ¶4 and ¶6
  • Amends GASBS 21, ¶3 and ¶5
  • Supersedes GASBS 34, ¶39 and ¶49 
  • Amends GASBS 34, ¶11, ¶18, ¶25, ¶38, ¶48, ¶67, ¶76, ¶88, ¶122, ¶126, ¶131, ¶144, and ¶146

Affected by:

  • Paragraph 3 amended by GASBS 84, ¶17, ¶18, ¶23, and ¶24
  • Paragraph 6 superseded by GASBS 89, 4
  • Paragraph 8 will be amended by GASBS 100, ¶7, ¶8, ¶20, and ¶21
  • Paragraph 15 amended by GASBS 65, ¶33
  • Paragraph 17 amended by GASBS 63, ¶7 and ¶12
  • Paragraph 18 amended by GASBS 63, ¶8

Other Interpretive Literature:

  • GASBIG 2015-1
Primary Codification Section Reference: Throughout
 

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

STANDARDS & GUIDANCE

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