For Pell grants, this Statement is effective for financial statements for periods beginning after June 15, 1993. For risk financing activities, this Statement is effective for financial statements for periods beginning after June 15, 1994. Early application is encouraged.
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. Paragraph 2 discusses the applicability of this Statement.