The implementation of GASB 84 and the related changes in GASB 97 will require numerous changes in the fiduciary reporting for North Carolina local governments. With the COVID-19 pandemic, the implementation of GASB Statement 84 was delayed, but NC local governments with June 30 year ends will need to implement the guidance during the fiscal year ending June 30, 2021.
The decisions required to implement GASB 84 and GASB 97 are complex to understand and apply. To assist local governments and their auditors, LGC staff has issued Memorandum 2021-04 with information on the requirements of these statements and resources for implementation.