New GASB standard addresses lease accounting, OPEB, other issues

By Ken Tysiac

Issues for state and local governments related to lease accounting, other post-employment benefits (OPEB), and other topics were addressed Wednesday in an omnibus standard issued by GASB.

The new standard, GASB Statement No. 92, Omnibus 2020, addresses various issues that include:

  • Modifying the effective date of Statement No. 87, Leases, as well as associated implementation guidance, to fiscal years beginning after Dec. 15, 2019, to address concerns about interim financial reports. These requirements take effect on issuance.
  • Reporting of intra-entity transfers of assets between a primary government employer and a component unit defined benefit pension plan or defined benefit OPEB plan. These provisions take effect for fiscal years beginning after June 15, 2020.
  • The applicability of certain GASB statements to reporting assets accumulated for pensions and OPEB. These provisions are effective for fiscal years beginning after June 15, 2020.
  • The applicability of certain requirements of Statement No. 84, Fiduciary Activities, to pension and OPEB arrangements. These requirements take effect for periods beginning after June 15, 2020.
  • Measurements of liabilities and assets, if any, related to asset retirement obligations in a government acquisition. These provisions take effect for government acquisitions occurring in reporting periods beginning after June 15, 2020.

GASB encourages early application of the requirements in the standard.

Ken Tysiac ( is the JofA’s editorial director.


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