What are the implementation deadlines?
The new standard will take effect in three phases depending on the size of state and local budgets: Phase 1, beginning in fiscal years after June 15, 2001, affects states and cities with budgets with $100 million or more in annual revenue; Phase 2, beginning in fiscal years after June 15, 2002,1 affects states and cities with at least $10 million but less than $100 million in revenues; and Phase 3, beginning in fiscal years after June 15, 2003, affects municipalities with less than $10 million in revenue.
