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05-24-21-R
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05-24-21-R
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<br />-26- <br />GASB Statement No. 97, Certain Component Unit Criteria, and Accounting and <br /> Financial Reporting for Internal Revenue Code Section 457 Deferred Compensation <br /> Plans—an Amendment of GASB Statement No. 14 and No. 84, and a Supersession of GASB <br /> Statement No. 32 <br /> <br />The primary objectives of this statement are to (1) increase consistency and comparability related to the <br />reporting of fiduciary component units in circumstances in which a potential component unit does not <br />have a governing board and the primary government performs the duties that a governing board typically <br />would perform; (2) mitigate costs associated with the reporting of certain defined contribution pension <br />plans, defined contribution OPEB plans, and employee benefit plans other than pension plans or OPEB <br />plans (other employee benefit plans) as fiduciary component units in fiduciary fund financial statements; <br />and (3) enhance the relevance, consistency, and comparability of the accounting and financial reporting <br />for Internal Revenue Code Section 457 deferred compensation plans (Section 457 plans) that meet the <br />definition of a pension plan and for benefits provided through those plans. <br /> <br />The requirements of this statement that (1) exempt primary governments that perform the duties that a <br />government board typically performs from treating the absence of a governing board the same as the <br />appointment of a voting majority of a governing board in determining whether they are financially <br />accountable for defined contribution pension plans, defined contribution OPEB plans, or other employee <br />benefit plans, and (2) limit the applicability of the financial burden criterion in paragraph 7 of <br />Statement 84 to defined benefit pension plans and defined benefit OPEB plans that are administered <br />through trusts that meet the criteria in paragraph 3 of Statement 67 or paragraph 3 of Statement 74, <br />respectively, are effective immediately. <br /> <br />The requirements of this statement that are related to the accounting and financial reporting for <br />Section 457 plans are effective for fiscal years beginning after June 15, 2021. For purposes of determining <br />whether a primary government is financially accountable for a potential component unit, the requirements <br />of this statement that provide that for all other arrangements, the absence of a governing board be treated <br />the same as the appointment of a voting majority of a governing board if the primary government <br />performs the duties that a governing board typically would perform, are effective for reporting periods <br />beginning after June 15, 2021. Earlier application of those requirements is encouraged and permitted by <br />requirement as specified within this statement. <br />
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