17. Recently issued and implemented accounting pronouncements

City Council Meeting · 2026-04-28 · agenda_item

This item concerns recently issued and implemented accounting pronouncements by the GASB, specifically Statements No. 87 (Leases), No. 89 (Interest Cost Incurred Before End of Construction), No. 91 (Conduit Debt Obligations), and No. 93 (Replacement of Interbank Offered Rates). These statements aim to improve financial reporting for governments by changing how leases, interest costs, conduit debt, and interbank offered rates are accounted for. The City of Clermont is implementing these changes, which affect how financial statements are prepared. The process involves understanding and applying new accounting standards to ensure accurate financial reporting. This early stage means that businesses involved in financial reporting, accounting services, and potentially software solutions for financial management could find opportunities. Engaging now allows for understanding the city's specific needs as they finalize their implementation and reporting.