NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

  • GASB Statement No. 90, Majority Equity Interests, an amendment of GASB Statements No. 14 and No. 61, effective for periods beginning after December 15, 2019. This statement requires majority equity interests in legally separate organizations, which meet the definition of an investment, to be measured at fair value using the equity method of accounting. The University has determined that it does not have any such investments.

Recent Accounting Pronouncements Not Yet Implemented: As of June 30, 2021, the GASB has issued the following statements not yet implemented by the University:

  • GASB Statement No. 92, Omnibus 2020, effective for periods beginning after June 15, 2021.
  • GASB Statement No. 93, Replacement of Interbank Offered Rates, effective for periods beginning after June 15, 2021.
  • GASB Statement No. 87, Leases, effective for periods beginning after June 15, 2021.
  • GASB Statement No. 89, Accounting for Interest Cost Incurred before the End of a Construction Period, effective for periods beginning after December 15, 2020.
  • GASB Statement No. 91, Conduit Debt Obligations, effective for periods beginning after December 15, 2021.
  • GASB Statement No. 94, Public-Private and Public-Private Partnerships and Availability Payment Arrangements, effective for periods beginning after June 15, 2022.
  • GASB Statement No. 96, Subscription-Based Information Technology Arrangements, effective for periods beginning after June 15, 2022.
  • GASB Statement No. 97, Certain Component Units Criteria, and Accounting and Financial Reporting for Internal Revenue Code (IRC) Section 457 Deferred Compensation Plans —an amendment of GASB Statements No. 14 and No. 84, and a supersession of GASB Statement No. 32, effective for periods beginning after June 15, 2021.
  • GASB Statement No. 98, The Annual Comprehensive Financial Report —this Statement establishes the term annual comprehensive financial report and its acronym ACFR. That new term and acronym replace instances of comprehensive annual financial report and its acronym in generally accepted accounting principles for state and local governments. effective for fiscal years ending after December 15, 2021

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