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How will GASB 45 be implemented?

April 26, 2017GASB implemented

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How will GASB 45 be implemented?

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• public entities with revenues of $100 million or more in the first fiscal year ending after June 15, 1999, must comply with GASB 45 starting with the fiscal year which begins after December 15, 2006; • public entities with revenues of $10 million to $100 million must comply starting with the fiscal year beginning after December 15, 2007; and • public entities with revenues of less than $10 million must comply starting with the fiscal year beginning after December 15, 2008.

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GASB 45 will be implemented in three phases: • public entities with revenues of $100 million or more in the first fiscal year ending after June 15, 1999, must comply with GASB 45 starting with the fiscal year which begins after December 15, 2006; • public entities with revenues of $10 million to $100 million must comply starting with the fiscal year beginning after December 15, 2007; and • public entities with revenues of less than $10 million must comply starting with the fiscal year beginning after December 15, 2008.