The Governmental Accounting Standards Board released guidance on leases, pension plans and a wide range of other accounting and financial reporting issues that were identified during the implementation and application of some of its earlier pronouncements.

The issues covered by GASB Statement No. 92, Omnibus 2020, include modifying the effective date of Statement No. 87, “Leases,” to address concerns regarding interim financial reports; along with reporting of intra-entity transfers of assets between a primary government employer and a component unit defined-benefit pension plan or defined benefit other postemployment benefit (OPEB) plan.

Another topic in the omnibus statement involves the applicability of Statement No. 73, “Accounting and Financial Reporting for Pensions and Related Assets That Are Not Within the Scope of GASB Statement 68, and Amendments to Certain Provisions of GASB Statements 67 and 68,” as amended, and Statement No. 74, “Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans,” as amended, to reporting assets accumulated for pensions and OPEB.

The omnibus statement also deals with the applicability of certain requirements of Statement No. 84, “Fiduciary Activities,” to pension and OPEB arrangements. It also discusses the measurement of liabilities and assets, if any, related to asset retirement obligations in a government acquisition.

The requirements of Statement 92 that relate to the effective date of Statement 87 and its associated implementation guidance are effective upon issuance. Provisions related to the application of Statement 84 are effective for periods beginning after June 15, 2020.

Provisions related to intra-entity transfers of assets and applicability of Statements 73 and 74 are effective for fiscal years starting after June 15, 2020.

The other requirements related to asset retirement obligations take effect for government acquisitions occurring in reporting periods beginning after June 15, 2020.

GASB is encouraging earlier application of the omnibus statement and its various topics.