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: This Statement should be implemented simultaneously with Statement 34. 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.
For governments that implemented Statement 34 prior tothe issuance of this Statement, this Statements requirements are effective for financial statements for periods beginning after June 15, 2000.
Affects:
- Amends NCGAS1, Summary Statement of Principles No. 10; ¶99 and ¶108
- Amends GASBS 21, ¶3 and ¶5
- Supersedes GASBS 21, ¶4 and ¶6
- Amends GASBS 34, ¶11, ¶18, ¶25, ¶38, ¶48, ¶67, ¶76, ¶88, ¶122, ¶126, ¶131, ¶144, and ¶146
- Supersedes GASBS 34, ¶39 and ¶49
Affected by: No other pronouncements
Other Interpretive Literature:
GASB Comprehensive Implementation Guide
Primary Codification Section Reference: Throughout
Abbreviations for Accounting Pronouncements
| GASBS - GASB Statements GASBCS - GASB Concepts GASBI - GASB Interpretations GASBTB - GASB Technical Bulletins BFC - Basis For Conclusions |
NCGAS - NCGA Statements NCGAI - NCGA Interpretations SOP - AICPA Statements of Position ASLGU - AICPA Audit Guide GASB Q&A - GASB Implementation Guides |