COM 0770.000 2020-2022 - Laserfiche WebLink

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COUNTY OF HAWAII Notes to the Basic Financial Statements June 30,2021 statement information for certain component units. The requirements of this Statement are effective for reporting periods beginning after December 15,2019, as postponed by GASB 95 and did not have an impact on the County's financials for the year ending June 30,2021. In May 2019, GASB issued Statement No. 91, Conduit Debt Obligations. The objectives of this Statement are to provide a single method of reporting conduit debt obligations by issuers. The requirements of this Statement are effective for reporting periods beginning after December 15,2021. The County has not yet determined the effect this Statement will have on its financial statements. In January 2020,GASB issued Statement No. 92, Omnibus 2020. The objective of this Statement are to enhance comparability in accounting and financial reporting and to improve the consistency of authoritative literature. The requirements of this Statement relating to leases,reinsurance recoveries, and derivative instruments are effective upon issuance. The other requirements are either effective for fiscal years or reporting periods beginning after June 15,2021. The County has not yet determined the effect these requirements that are not yet effective will have on its financial statements. In March 2020, GASB issued Statement No. 93,Replacement of Interbank Offered Rates. The objective of this Statement are to address accounting and financial reporting implications resulting from the replacement on an interbank offered rate (IBOR). Certain sections of the requirements of this Statement are effective beginning with reporting periods that begin after June 15,2021. The County has not yet determined the effect these requirements that are not yet effective will have on its financial statements. In March 2020, GASB issued Statement No. 94,Public-Private and Public-Public Partnerships and Availability Payment Arrangements. The objective of this Statement is to improve financial reporting by addressing issues related to public-private and public-public partnership arrangements. The requirements of this Statement are effective for fiscal years beginning after June 15,2022. The County has not yet determined the effect this Statement will have on its financial statements. In May 2020, GASB issued Statement No. 96,Subscription-Based Information Technology Arrangements. The objective of this Statement is to provide uniform guidance for accounting and financial reporting for transactions that meet the definition of a subscription-based information technology arrangement. The requirements of this Statement are effective for fiscal years beginning after June 15,2022. The County has not yet determined the effect this Statement will have on its financial statements. In June 2020, GASB issued Statement No. 97, Certain Component Unit Criteria, and Accounting and Financial Reporting for Internal Revenue Code Section 457 Deferred Compensation Plans An Amendment of GASB Statements No. 14 and No. 84, and a Supersession of GASB Statement No. 32. The primary objective of this Statement is to create - 61 -