Statement No. 97
Certain Component Unit Criteria, and Accounting and Financial Reporting for Internal Revenue Code Section 457 Deferred Compensation Plans—an amendment of GASB Statements No. 14 and No. 84, and a supersession of GASB Statement No. 32

Status

Issued: June 2020

Effective date:

The requirements of this Statement are effective as follows:

• The requirements in (1) paragraph 4 of this Statement as it applies to defined contribution pension plans, defined contribution OPEB plans, and other employee benefit plans and (2) paragraph 5 of this Statement are effective immediately.
• The requirements in paragraphs 6–9 of this Statement are effective for fiscal years beginning after June 15, 2021.
• All other requirements of this Statement are effective for reporting periods beginning after June 15, 2021.

Earlier application is encouraged and is permitted by specific requirement as follows:

• Paragraph 4 of this Statement as it applies to arrangements other than defined contribution pension plans, defined contribution OPEB plans, or other employee benefit plans
• Paragraphs 6–9 of this Statement and the supersession of the remaining requirements of Statement 32 (as detailed in paragraph 3 of this Statement).

Questions 4.3 and 4.5 of Implementation Guide 2019-2, as amended, are effective for reporting periods beginning after December 15, 2019. Earlier application is encouraged if Statement 84, as amended, has been implemented.

Affects:

• Amends GASBS 14, ¶27
• Supersedes GASBS 32
• Amends GASBS 84, ¶7
• Supersedes GASBIG 2015-1, Q5.116.5
• Amends GASBIG 2015-1, Q4.9.6 and Q4.22.1
• Amends GASBIG 2015-1, Q4.18.1 and Q4.18.8
• Supersedes GASBIG 2016-1, Q4.69
• Supersedes GASBIG 2019-2, Q4.6
• Amends GASBIG 2019-2, Q4.3, Q4.5, and Q4.7
• Supersedes GASBIG 2020-1, ¶6

Affected by: No other pronouncements

Primary Codification Section References: 1300, 2100, 2600, D25

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