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CITY OF SUNNY ISLES BEACH, FLORIDA <br />NOTES TO FINANCIAL STATEMENTS <br />FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023 <br />NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) <br />IMPLEMENTATION OFNEWACCOUNTING STANDARDS <br />GASB Statement No. 91, Conduit Debt Obligations, provides a single method of reporting <br />conduit debt obligations by issuers and eliminates diversity in practice associated with 1) <br />commitments extended by issuers, 2) arrangements associated with conduit debt <br />obligations, and 3) related note disclosures. This Statement was implemented by the City <br />for the fiscal year ended September 30, 2023; however, there was no impact to the City. <br />GASB Statement No. 94, Public -Private and Public -Public Partnerships and Availability <br />Payment Arrangements, addresses issues related to public-private and public -public <br />partnerships (PPP) and provides guidance for accounting and financial reporting for <br />availability payment arrangements (APA). The Statement provides specific guidance on the <br />accounting and financial reporting for PPP and APA transactions. This Statement was <br />implemented by the City for the fiscal year ended September 30, 2023; however, there was <br />no impact to the City. <br />GASB Statement No. 96, Subscription -Based Information Technology Arrangements, <br />provides guidance on the accounting and financial reporting for subscription -based <br />information technology arrangements. This Statement was implemented by the City for the <br />fiscal year ended September 30, 2023. <br />GASB Statement No. 99, Omnibus 2022, addresses certain practice issues identified during <br />implementation and application of certain GASB Statements, including, but not limited to, <br />1) classification and reporting of derivative instruments within GASB Statement No. 53, <br />Accounting and Financial Reporting for Derivative Instruments; 2) clarification of <br />provisions in GASB Statement No. 87, Leases; 3) clarification of provisions in GASB <br />Statement No. 94, Public -Private and Public -Public Partnerships and Availability Payment <br />Arrangements; and 4) clarification of provisions in GASB Statement No. 96, Subscription - <br />Based Information Technology Arrangements. This Statement was implemented by the City <br />for the fiscal year ended September 30, 2023. <br />37 <br />