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GASB Statement Nt: 971 Certain Component Unit Criteria, and. Accounting and Financial Reporting for Internal Revenue Code Section 457 Deferred Compensation Plans an Ametadrrrent o f GASB Statement No. 14 and No. 84i and a. Supersession of GA,5B Statement No. 32 The prlmary:objeetives of this. statement are to (1) increase consistency and comparability related to the. reporting offfduciWcomponent units in, circums(ances.in which apotentiai component.unit does riot have a governing board and the primary government, performs the duties that a governing board:typically wovJd perform.; (2). mitigate costs associated with th.ee reporting of certain defined contribution pension plans, defined contnbution OPEB plans, and employee benefit plans other than pension plans or OPEB plans {other employee benefit plans} as f duciary component.units, in fiduciary fund financial. statements; and (3) enhanice. the relevance, consistency, and comparability of the-accountirig and financial reporting -*for Internal Revenue Code, Section 457 deferred compensation plans (Section 457 plans) that Inn, et the definition of a pension plan and for benefits provided through those plans. The requirements of this -statement that (1)*exempt primacy governments that perform thdAuties that a government board:typiically performs from treating the. absence of a governing board'the same as the appointment of a voting majority of a: governing board in determining. whether they are financially accountable for defined contribution pension plans, defined contribution OPEB plans,. or other employee benefit plans; and (2) limit the applicability of the financial burden criterion in paragraph 7 of Statement 84 to defined benefit.pension plans and defined benefit OPEB plans that are. administered.through trusts.t.hat mwet the �e iteria. in. paragraph 3 of Statement 67 or paragraph 3 of Statement 74, respectively; are effective immediately. The requirements of this statement that are .related -to the accounting.and financial. reporting far Section-457 plans are effective' for fiscal years beginning after.Tune 15, 202L For purposes of determining whether a primary government is financially accountable for a potential component unit, the requirements of this statement that provide that for all other-arrangernents, the absence df a. -governing board be treated the same as the. appointment of a voting majority of a governing board if the primary goverrvnerlt performs the duties that agoverning board typically would perform, aree effective for reporting periods. beginning.aiter June 15, 202L Earlier application of those: requirements is encouraged and permitted by requirement as specif ed Within this statement., GASB.Statement No. 98, The -Annual. Comprehensive Financial Report This statement establishes the.term :annatai co»tprehensive, financipl report. and. its acronym.. AC:FR. That new term and acronymreplace instances of comprehensive.annual financial report and. its acronym. in generally accepted accounting principles for state and local governments. This statement was developed in response to concerns raised by stakeholders that. the common pronunciation of the -aaronytn for comprehensive annual financial repoA-sounds like a profoundly objectionable racial slur. This statement's introduction of.the new tennis founded on a commitment to promoting inclusiveness. The requirements of this statement are effective .for fiscal years ending .after December 15,. 2421. Earlier application is encouraged. 0 -22-