Norwalk, CT, May 9, 2022—The Governmental Accounting Standards Board (GASB) today issued guidance addressing various accounting and financial reporting issues identified during the implementation and application of certain GASB pronouncements or during the due process on other pronouncements.

The issues covered by GASB Statement No. 99, Omnibus 2022, include:

  • Accounting and financial reporting for exchange or exchange-like financial guarantees
  • Certain derivative instruments that are neither hedging derivative instruments nor investment derivative instruments
  • Clarification of certain provisions of:
    • Statement No. 34, Basic Financial Statements—and Management’s Discussion and Analysis—for State and Local Governments
    • Statement No. 87, Leases
    • Statement No. 94, Public-Private and Public-Public Partnership and Availability Payment Arrangements
    • Statement No. 96, Subscription-Based Information Technology Arrangements
  • Replacing the original deadline for using the London Interbank Offered Rate (LIBOR) as a benchmark interest rate for hedges of interest rate risk of taxable debt, with a deadline of when LIBOR ceases to be determined by the ICE Benchmark Administration using the methodology in place as of December 31, 2021
  • Accounting for the distribution of benefits as part of the Supplemental Nutrition Assistance Program (SNAP)
  • Disclosures related to nonmonetary transactions
  • Pledges of future revenues when resources are not received by the pledging government
  • Updating certain terminology for consistency with existing authoritative standards.
The requirements of Statement 99 that relate to the extension of the use of LIBOR, accounting for SNAP distributions, disclosures for nonmonetary transactions, pledges of future revenues by pledging governments, clarifications of certain provisions in Statement 34, and terminology updates are effective upon issuance. The requirements related to leases, PPPs, and SBITAs are effective for fiscal years beginning after June 15, 2022, and all reporting periods thereafter. The requirements related to financial guarantees and the other requirements related to derivative instruments are effective for fiscal years beginning after June 15, 2023, and all reporting periods thereafter. Earlier application is encouraged and is permitted by individual topic to the extent that all requirements associated with an individual topic are implemented simultaneously.

The Statement is available on the GASB website,