GASB STATEMENTS AND EFFECTIVE DATES

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1 1 Authoritative Status of NCGA On issuance July 1984 Pronouncements and AICPA Industry Audit Guide 2 Financial Reporting of Deferred Financial statements for periods ending after 12/15/86 Compensation Plans Adopted under the Provisions of Internal Revenue Code Section Deposits with Financial Institutions, Financial statements for periods ending after 12/15/86 Investments (including Repurchase Agreements), and Reverse Repurchase Agreements 4 Applicability of FASB Statement No. 87, On issuance September 1986 "Employers' Accounting for Pensions," to State and Local Government Employers 5 Disclosure of Pension Information by Financial reports issued for fiscal years beginning after Public Employee Retirement Systems and 12/15/86 State and Local Governmental Employers 6 Accounting and Financial Reporting for Financial statements for periods beginning after 06/15/87 Special Assessments 7 Advance Refundings Resulting in Fiscal periods beginning after 12/15/86 Defeasance of Debt 8 Applicability of FASB Statement No. 93, On issuance January 1988 "Recognition of Depreciation by Not-for- Profit Organizations," to Certain State and Local Governmental Entities 9 Reporting Cash Flows of Proprietary and Nonexpendable Trust Funds and Governmental Entities that Use Financial statements for fiscal years beginning after 12/15/89 Proprietary Fund Accounting 10 Accounting and Financial Reporting for Risk Financing and Related Insurance Issues 11 Measurement Focus and Basis of Accounting - Governmental Fund Operating Systems 12 Disclosure of Information on Postemployment Benefits Other than Pension Benefits by State and Local Governmental Employers Public entity risk pools: periods beginning after 06/15/90; Entities other than pools: periods beginning after 06/15/94 Deferred by GASB 17 to periods beginning approximately two years after an implementation standard is issued (early application not permitted) Financial reports issued for fiscal years beginning after 06/15/90 13 Accounting for Operating Leases with Scheduled Rent Increases Proprietary and similar trust funds: prospectively for leases with terms beginning after 06/30/90 Governmental and similar trust funds: Measurement criteria - prospectively for leases with terms beginning after 06/30/90; Recognition criteria - two changes: one for financial statements for periods approximately two years after an implementation standard is issued (early application not permitted) 14 The Financial Reporting Entity Financial statements for periods beginning after 12/15/92 15 Governmental College and University Accounting and Financial Reporting Models Financial statements for periods beginning after 06/15/92 16 Accounting for Compensated Absences Financial statements for periods beginning after 06/15/93 17 Measurement Focus and Basis of On issuance June 1993 Accounting - Governmental Fund

2 Operating Statements: Amendment of the Effective Dates of GASB Statement 11 and Related Statements (an Amendment of GASB Statements 10, 11 and 13) 18 Accounting for Municipal Solid Waste Landfill Closure and Post-closure Care Financial statements for periods beginning after 06/15/93 Costs 19 Governmental College and University Omnibus Statement (an Amendment of GASB Statements 10 and 15) 20 Accounting and Financial Reporting for Proprietary Funds and Other Governmental Entities that use Proprietary Fund Accounting Pell grants - periods beginning after 06/15/93: Risk financing activities - periods beginning after 06/15/94 Financial statements for periods beginning after 12/15/93 21 Accounting for Escheat Property Financial statements for periods beginning after 06/15/94 22 Accounting for Taxpayer-Assessed Tax Financial statements for periods beginning after 06/15/94 Revenues in Governmental Funds 23 Accounting and Financial Reporting for Refundings of Debt Reported by Proprietary Activities Financial statements for periods beginning after 06/15/94 24 Accounting and Financial Reporting for Certain Grants and Other Financial Assistance 25 Financial Reporting for Defined Benefit Pension Plans and Note Disclosures for Defined Contribution Plans 26 Financial Reporting for Post-employment Health Care Plans Administered by Defined Benefit Pension Plans 27 Financial Reporting for Pensions by State and Local Governmental Employers Financial statements for periods beginning after 06/15/95 Financial statements for periods beginning after 06/15/96 Earlier implementation is encouraged; however, implement GASB 26 in the same fiscal year Financial statements for periods beginning after 06/15/96 Earlier implementation is encouraged; however, implement GASB 25 in the same fiscal year Financial statements for periods beginning after 06/15/97 Earlier implementation is encouraged 28 Accounting and Financial Reporting for Securities Lending Transactions Financial statements for periods beginning after 12/15/95 Earlier implementation is encouraged 29 The Use of Not-for-Profit Accounting and Financial Reporting Principles by Governmental Entities Effective for financial statements for periods beginning after 12/15/95, Earlier application is encouraged 30 Risk Financing Omnibus - an amendment Financial statements for periods beginning after 6/15/96 of GASB Statement No Accounting and Financial Reporting for Financial statements for periods beginning after 6/15/97 Certain Investments and for External Investment Pools 32 Accounting and Financial Reporting for Internal Revenue Code Section 457 Deferred Compensation Plans Financial statements for periods beginning after 12/31/98 or when plan assets are held in trust under the requirements of IRC Section 457, subsection (g), if sooner 33 Accounting and Financial Reporting for Non-Exchange Transactions This Statement applies to financial statements for periods beginning after June 15, 2000 (FY01). 34 Basic Financial Statements - and Management s Discussion and Analysis - for State and Local Governments This Statement establishes accounting and financial reporting standards for general purpose external financial reporting by state and local governments. Implementation was phased in from FY02 to FY Basic Financial Statement - and Management s Discussion and Analysis - The purpose of this Statement is to enhance the understandability and usefulness of the general purpose

3 For Public Colleges and Universities external financial reports issued by the public colleges and universities. Implementation was phased in like GASB 34 was. 36 Recipient Reporting for Certain Shared Non-exchange Revenues This Statement supersedes paragraph 28 of Statement 33, regarding revenue recognition when a government shares its own derived tax revenues or imposed nonexchange revenues with other governments. Implementation was simultaneous 37 Basic Financial Statements and Management s Discussion and Analysis for State and Local Governments: Omnibus (An amendment of GASB Statement No. 21 and No. 34) 38 Certain Financial Statement - Note Disclosures 39 Determining Whether Certain Organizations Are Component Units with Statement 33. This Statement establishes standards to be used to report escheat property transactions in government-wide and fund financial statements. This Statement also amends various paragraphs of GASB 34. The Statement was to be implemented simultaneously with GASB 34. Implementation of the Statement coincided with the phase in implementation of GASB 34. The Statement was effective for financial statements for periods beginning after June 15, 2003 (FY04). 40 Deposit and Investment Risk Disclosures The Statement became effective for financial statements for 41 Budgetary Comparison Schedules- Perspective Differences 42 Accounting and Financial Reporting for Impairment of Capital Assets and for Insurance Recoveries 43 Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans 44 Economic Condition Reporting: The Statistical Section 45 Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions 46 Net Assets Restricted by Enabling Legislation periods beginning after June 15, 2004 (FY 05). This amendment to Statement No. 34 clarifies the budgetary presentation requirements for governments with significant budgetary perspective differences that result in their not being able to present budgetary comparison information for their general fund and major special revenue funds. The provisions of this statement were to be implemented simultaneously with Statement 34. The provisions of this statement were effective for fiscal periods beginning after December 15, 2004 (FY06). An OPEB Plan must implement the requirements of this Statement in FY07, FY08, or FY09, depending on the when the largest participating government in the Plan had to implement GASB 34. The provisions of this Statement were effective for statistical sections prepared for periods beginning after June 15, 2005, (FY06). Implementation is required in three phases: FY08; FY09; and FY10. A government s total annual revenues in the first fiscal year ending after June 15, 1999, determines which phase applies to it. The requirements of this Statement are effective for periods beginning after June 15, 2005, (FY06), with earlier application encouraged. 47 Accounting for Termination Benefits The requirements of this Statement are effective for periods beginning after June 15, 2005 (FY06), except for termination benefits provided through an existing defined benefit OPEB plan, in which case the Statement should be implemented simultaneously with the requirements of Statement Sales and Pledges of Receivables and Future Revenues and Intra-Entity Transfers of Assets and Future Revenues 49 Accounting and Financial Reporting for Pollution Remediation Obligations The requirements of this statement are effective for financial statements for periods beginning after December 15, 2006 (FY08). The requirements of this statement are effective for financial statements for periods beginning after December 15, 2007 (FY09).

4 50 Pension Disclosures This Statement is effective for periods beginning after June 15, 2007, (FY08). 51 Accounting and Financial Reporting for Intangible Assets 52 Land and Other Real Estate Held as Investments by Endowments 53 Accounting and Financial Reporting for Derivative Instruments 54 Fund Balance Reporting and Governmental Fund Type Definitions 55 The Hierarchy of Generally Accepted Accounting Principles for State and Local Governments 56 Codification of Accounting and Financial Reporting Guidance Contained in the AICPA Statements on Auditing Standards 57 OPEB Measurements by Agent Employers and Agent Multiple-Employer Plans This Statement is effective for periods beginning after June 15, 2009 (FY10), and earlier application is encouraged. The objective of this Statement is to establish accounting and financial reporting requirements for intangible assets and reduce inconsistencies in the areas of recognition, initial measurement, and amortization, thereby enhancing the comparability of the accounting and financial reporting of such assets among state and local governments. This Statement is effective for financial statements for periods beginning after June 15, 2008 (FY09). The requirements of this Statement are effective for financial statements for periods beginning after June 15, 2009 (FY10). Earlier application is encouraged. This Statement addresses the recognition, measurement, and disclosure of information regarding derivative instruments entered into by state and local governments. Derivative instruments are often complex financial arrangements used by governments to manage specific risks or to make investments. By entering into these arrangements, governments receive and make payments based on market prices without actually entering into the related financial or commodity transactions. Derivative instruments associated with changing financial and commodity prices result in changing cash flows and fair values that can be used as effective risk management or investment tools. Derivative instruments, however, can also expose governments to significant risks and liabilities. Common types of derivative instruments used by governments include interest rate and commodity swaps, interest rate locks, options (caps, floors, and collars), swaptions, forward contracts, and futures contracts. The objective of this Statement is to enhance the usefulness of fund balance information by providing clearer fund balance classifications that can be more consistently applied and by clarifying the existing governmental fund type definitions. The requirements of this Statement are effective for periods beginning after June 15, 2010 (FY11). Early implementation is encouraged. Fund balance reclassifications made to conform to the provisions of this Statement should be applied retroactively by restating fund balance for all prior periods presented. The requirements of this Statement are effective upon its issuance, March This Statement establishes accounting and financial reporting standards for related party transactions, subsequent events, and going concern considerations. The requirements in this Statement are effective upon its issuance, March This statement indicates when the alternative measurement method can be used, and how often the measurements have to be made, by employers participating in agent multipleemployer OPEB plans. Guidance regarding the use and reporting of the alternative measurement method is effective

5 upon issuance, December Guidance regarding the frequency and timing of measurements is effective for OPEB plan financial statements for periods beginning after June 15, 2011 (FY12). 58 Accounting and Financial Reporting for Chapter 9 Bankruptcies The statement provides accounting and financial reporting guidance for governments that have filed for bankruptcy under Chapter 9. The statement is effective for reporting periods beginning after June 15, 2009 (FY10). 59 Financial Instruments Omnibus The statement provides these amendments to: (1) update NCGAS 4 to be consistent with GASBS 53 Reporting for Derivative Instruments, for certain financial guarantees; (2) update GASBS 25 and 43 so that investments in unallocated insurance contracts are reported as interest-earning investment contracts; (3) clarify GASBS 31 indicating that what a 2a7-like pool is; (4) update GASBS 40 so that interest rate risk information is disclosed only for debt investment pools such as bond mutual funds and external bond investment pools that are not 2a7-like pools; (5) make several updates to GASBS 53. The statement is effective for financial statements for periods beginning after June 15, 2010 (FY11). 60 Accounting and Financial Reporting for Service Concession Arrangement 61 The Financial Reporting Entity: Omnibus an amendment of GASB Statements No. 14 and No Codification of Accounting and Financial Reporting Guidance Contained in Pre- November 30, 1989 FASB and AICPA Pronouncements 63 Financial Reporting of Deferred Outflows of Resources, Deferred Inflows of Resources, and Net Position This Statement addresses financial reporting issues related to service concession arrangements (SCAs), a type of publicprivate or public-public partnership. An SCA is an arrangement between a transferor (government) and an operator (governmental or nongovernmental entity) in which the transferor conveys to an operator the right and related obligation to provide services through the use of infrastructure or another public asset in exchange for significant consideration and the operator collects and is compensated by fees from third parties. The provisions of this Statement are effective for financial statements for periods beginning after December 15, 2011 (FY13). Earlier application is encouraged. This Statement modifies certain requirements for inclusion of component units in the financial reporting entity. For organizations that previously were required to be included as a component unit because of meeting the fiscal dependency criterion, a financial benefit or burden relationship also has to be present between the primary government and the organization for the organization to be included in the reporting entity as a component unit. The Statement is effective for financial statements for periods beginning after June 15, 2012 (FY13). The purpose of this Statement is to incorporate certain accounting and financial reporting guidance issued on or before November 30, 1989, into the GASB s authoritative literature. The Statement is effective for financial statements for periods beginning after December 15, 2011 (FY13). Early application is encouraged. This Statement amends GASBS 34 to incorporate deferred outflows of resources (consumption of net assets by the government that is applicable to a future reporting period) and deferred inflows of resources (acquisition of net assets by

6 the government that is applicable to a future reporting period) into the definitions of the components of net assets and renames net assets as net position. The Statement is effective for financial statements for periods beginning after December 15, 2011 (FY13). Earlier application is 64 Derivative Instruments: Application of Hedge Accounting Termination Provisions 65 Items Previously Reported as Assets and Liabilities 66 Technical Corrections 2012 an amendment of GASB Statements No. 10 and No Financial Reporting for Pension Plans an amendment of GASB Statement No Accounting and Financial Reporting for Pensions an amendment of GASB Statement No. 27 encouraged. Under GASBS 53, when a government amended a swap agreement or entered into a new swap agreement as a result of the default or termination event described in a previous swap agreement, the government had to cease hedge accounting upon the termination of the hedging derivative instrument, resulting in the immediate recognition of the deferred outflows of resources or deferred inflows of resources as a component of investment income. This Statement amends GASBS 53 providing criteria regarding for determining when the effective hedging relationship continues and hedge accounting should continue to be applied. This Statement is effective for financial statements for periods beginning after June 15, 2011 (FY12). Earlier application is encouraged. This Statement establishes: (1) accounting and financial reporting standards regarding deferred outflows of resources (previously assets) and deferred inflows of resources (previously liabilities); (2) changes in the determination of the major fund calculations; and (3) limits on the use of the term deferred in financial statements. This Statement is effective for financial statements for periods beginning after December 15, 2012, (FY14) with earlier application encouraged. The purpose of this Statement is to resolve conflicting guidance regarding: the reporting of risk financing activities; reporting of certain operating lease transactions; reporting the acquisition of a loan or a group of loans; and recognition of servicing fees related to mortgage loans that are sold. The effective date of the Statement is for periods beginning after December 15, 2012 (FY14) with early application encouraged. This Statement replaces the requirements of GASBS 25, Financial Reporting for Defined Benefit Pension Plans and Note Disclosures for Defined Contribution Plans, and No. 50, Pension Disclosures, as they relate to pension plans that are administered through trust or equivalent arrangements. The requirements of Statements 25 and 50 remain applicable to pension plans that are not administered through trusts covered by the scope of this Statement and to defined contribution plans that provide postemployment benefits other than pensions. This Statement is effective for financial statements for fiscal years beginning after June 15, 2013 (FY14), with earlier application encouraged. This Statement replaces the requirements of GASBS 27, Accounting for Pensions by State and Local Governmental Employers, and the requirements of GASBS 50 Pension Disclosures, as they relate to pensions that are provided through pension plans administered as trusts. The

7 requirements of Statements 27 and 50 remain applicable for pensions that are not covered by GASBS 68. This Statement is effective for financial statements for fiscal years beginning after June 15, 2014 (FY15). 69 Government Combinations and Disposals of Government Operations 70 Accounting and Financial Reporting for Nonexchange Financial Guarantees 71 Pension Transition for Contributions Made Subsequent to the Measurement Date an amendment of GASB Statement No. 68 This Statement establishes accounting and financial reporting standards related to government mergers, acquisitions, and transfers of operations. The requirements of this Statement are effective for government combinations and disposals of government operations occurring in financial reporting periods beginning after December 15, 2013 (FY15) and should be applied on a prospective basis. This Statement establishes accounting and financial reporting standards for financial guarantees that are Nonexchange transactions extended or received by a state or local government. A Nonexchange financial guarantee is a guarantee of an obligation of a legally separate entity or individual, including a blended or discretely presented component unit, which requires the guarantor to indemnify a third-party obligation holder under specified conditions. This Statement is effective for financial statements for reporting periods beginning after June 15, 2013 (FY14). This statement amends paragraph 137 of Statement 68 to require that, at transition, a government recognize a beginning deferred outflow of resources for its pension contributions, if any, made subsequent to the measurement date of the beginning net pension liability. Statement 68, as amended, continues to require that beginning balances for other deferred outflows of resources and deferred inflows of resources related to pensions be reported at transition only if it is practical to determine all such amounts. The requirements of this statement should be applied at the same time the provisions of Statement 68 are applied (fiscal years beginning after June 15, 2014 (FY15)).