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AULDIN 20 <br /> & ENKINS <br /> Comments, Recommendations, ORANGE COUNTY <br /> and Other Issues (Continued) NORTH CAROLINA <br /> ■ New GASB Pronouncements for Future Years (Continued) <br /> Statement No. 93, Replacement of Interbank Offered Rates was issued in March 2020 and is effective for reporting periods ending <br /> after December 31, 2021, meaning December 31, 2022 for the Authority. However, in light of the COVID-19 Pandemic, on April 15, 2020 the <br /> GASB has proposed to postpone the effective date of this pronouncement for one additional year. As a result of global reference rate reform, <br /> the London Interbank Offered Rate ("LIBOR") is expected to cease to exist in its current form at the end of 2021, prompting governments to <br /> amend or replace financial instruments for the purpose of replacing LIBOR with other reference rates, by either changing the reference rate or <br /> adding or changing fallback provisions related to the reference rate. <br /> Statement No. 94, Public-Private and Public-Public Partnerships and Availability Payment Arrangements was issued in <br /> March 2020 and is effective for fiscal years beginning after June 15, 2022 which means year ends of June 30, 2023 and following <br /> Statement No. 95, Postponement of Effective Dates of Certain Authoritative Guidance was issued as temporary relief to <br /> governments in light of the COVID-19 pandemic. Statement No. 95 delays the implementation of certain, other standards by 12 months <br /> (83,84,88,89,) and GASB Statement No. 87 by 18 months. However, during the current year the City has implemented GASB Statement No. <br /> 88, Certain Debt Disclosures. <br /> Statement No. 96, Subscription-Based Information Technology Arrangements was issued in May 2020 and is effective for <br /> reporting periods ending after June 15, 2022. This statement provides guidance on the accounting and financial reporting for subscription- <br /> based information technology arrangements (SBITAs) for government and end users. This statement (1) defines a SBITA; (2) establishes that <br /> a SBITA results in a right-to-use subscription asset as an intangible asset and a corresponding subscription liability; (3) provides the <br /> capitalization criteria for outlays other than subscription payments, including implementation costs of a SBITA; and (4) requires note <br /> disclosures regarding a SBITA. To the extent relevant, the standards for SBITAs are based on the standards established in Statement No. 87, <br /> Leases, as amended. <br /> 16 <br />