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On May 9, the Governmental Accounting Standards Board (GASB) issued Statement No. 99, Omnibus 2022. GASB releases Omnibus standards to improve identified practice issues. The issues addressed in Statement 99 include:

  • Classification and reporting of derivative instruments that do not meet the definition of either an investment or a hedge
  • Guidance clarification for short-term leases when there is a modification of terms
  • Considerations for public-private partnership (PPP) terminology as well as recognizing installment payments and transferring underlying PPP assets
  • Clarifications of subscription-based information technology arrangement (SBITA) terms, and liability measurement and recognition
  • Disclosures related to nonmonetary transactions
  • Certain provisions of Statement 34
  • Pledges of future revenues when resources are not received by the pledging government
  • Terminology updates related to deferred inflows and outflows of resources and net position
  • Resource flows statements terminology related to Statement 53
  • Accounting for SNAP distributions
  • Requirements related to the extension of the use of LIBOR

The requirements of Statement 99 that relate to the extension of the use of LIBOR, accounting for SNAP distributions, disclosures for nonmonetary transactions, pledges of future revenues by pledging governments, clarifications of certain provisions in Statement 34, and terminology updates took effect upon issuance.

The requirements related to leases, PPPs, and SBITAs are effective in FY23 and requirements related to financial guarantees and derivative instruments are effective in FY24 for institutions with fiscal years ending on June 30 or later. Earlier application is encouraged.


Sue Menditto

Senior Director, Accounting Policy


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