Statement No. 38
Certain Financial Statement Note Disclosures

Status

Issued: June 2001

Effective Date

Coincides with the effective date of GASB Statement 34 for the reporting government. 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 implement paragraphs 6 through 11 for fiscal periods beginning after June 15, 2001. These governments should implement paragraphs 12 through 15 for fiscal periods beginning after June 15, 2002.
• Phase 2 governments—with total annual revenues of $10 million or more but less than $100 million—should apply the requirements of this Statement for fiscal 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 for fiscal periods beginning after June 15, 2003.

Earlier application is encouraged. However, paragraphs 6, 14, and 15 should be implemented only if Statement 34 has also been implemented.

Affects:

• Rescinds NCGAS 1, ¶92
• Amends NCGAS 1, ¶11, ¶62, and ¶158
• Amends NCGAS 5, ¶27
• Amends NCGAI 3, ¶8
• Amends NCGAI 6, ¶4 and ¶5

Affected by:

• Paragraph 6 amended by GASBS 84, ¶14–¶18
• Paragraph 10 amended by GASBS 88, ¶4 and ¶6; GASBS 94, ¶58; and GASBS 96, ¶61
• Paragraph 11 superseded by GASBS 87, ¶37
• Paragraph 12 amended by GASBS 88, ¶4 and ¶6
• Paragraph 13 amended by GASBS 63, ¶8; GASBS 68, ¶122; GASBS 75, ¶142; GASBS 78, ¶8; and GASBS 85, ¶23
• Paragraph 14 amended by GASBS 84, ¶14–¶18
• Paragraph 15 amended by GASBS 84, ¶23

Other Interpretive Literature:

• GASBIG 2015-1

Primary Codification Section Reference: 2300

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