States, Cities Get Accounting Guidance on Libor, Other Rules

States, cities, and local governments received special guidance Monday on how to apply a spate of governmental accounting standards, including guidance on lease accounting and how to handle the demise of the London Interbank Offered Rate, or Libor.

The Governmental Accounting Standard Board’s GASB Statement No. 99, Omnibus 2022 covers technical corrections and clarifications to several accounting rules, including:

• Accounting and financial reporting for exchange or exchange-like financial guarantees
• Certain derivative instruments that are neither hedging derivative instruments nor investment derivative instruments
• Extending the original deadline for using Libor as a benchmark interest rate for hedges of interest rate ...