Summaries / Status

Summary

This Statement amends GASB Statements No. 10, Accounting and Financial Reporting for Risk Financing and Related Insurance Issues, No. 11, Measurement Focus and Basis of Accounting-Governmental Fund Operating Statements, and No. 13, Accounting for Operating Leases with Scheduled Rent Increases. It defers the effective date of Statement 11 to periods beginning approximately two years after an implementation standard is issued and modifies the Statement 13 reference to Statement 11's effective date. It also establishes an effective date for Statement 10, for entities other than pools, using the modified accrual basis of accounting in governmental and similar trust funds, that is independent of the effective date of Statement 11.

Unless otherwise specified, pronouncements of the GASB apply to financial reports of all state and local governmental entities, including public benefit corporations and authorities, public employee retirement systems, governmental utilities, governmental hospitals and other healthcare providers, and governmental colleges and universities.