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CITY OF LINO LAKES, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2019 <br /> <br /> <br /> <br /> <br />Note 20 RECENTLY ISSUED ACCOUNTING STANDARDS <br /> <br />The Governmental Accounting Standards Board (GASB) recently approved the following statements which <br />were not implemented for these financial statements: <br /> <br />Statement No. 87 Leases. The provisions of this Statement are effective for reporting periods beginning <br />after June 15, 2021. <br /> <br />Statement No. 91 Conduit Debt Obligations. The provisions of this Statement are effective for reporting <br />periods beginning after December 15, 2021. <br /> <br />Statement No. 92 Omnibus 2020. The provisions of this Statement are effective for reporting periods <br />beginning after June 15, 2021. <br /> <br />Statement No. 93 Replacement of Interbank Offered Rates. The provisions of this Statement contain <br />multiple effective dates, the first being for reporting periods beginning after June 15, 2020. <br /> <br />Statement No. 94 Public-Private and Public-Public Partnerships and Availability Payment Arrangements. <br />The provisions of this Statement are effective for reporting periods beginning after June 15, 2022. <br /> <br />The effect these standards may have on future financial statements is not determinable at this time, but it is <br />expected that Statement No. 87 may have a material impact. <br /> <br /> <br />Note 21 SUBSEQUENT EVENTS AND UNCERTAINTIES <br /> <br />The COVID-19 pandemic continues to cause rapidly changing disruptions worldwide. Management has <br />evaluated these conditions and believes that it is not possible to reasonably estimate the financial impact, if any, <br />of COVID-19 on the City’s financial statements at December 31, 2019. <br /> <br />83