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CITY OF LINO LAKES, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2021 <br />Note 18 RECENTLY ISSUED ACCOUNTING STANDARDS <br />The Governmental Accounting Standards Board (GASB) recently approved the following statements which were <br />not implemented for these financial statements: <br />Statement No. 87 Leases. The provisions of this Statement are effective for reporting periods beginning <br />after June 15, 2021. <br />Statement No. 92 Omnibus 2020. The provisions of this Statement are effective for reporting periods <br />beginning after June 15, 2021. <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 />Statement No. 96 Subscription — Based Information Technology Arrangements. The provisions of this <br />Statement are effective for reporting periods beginning after June 15, 2022 <br />Statement No. 99 Omnibus 2022. The provisions of this Statement contain multiple effective dates, the first <br />being for reporting periods beginning after June 15, 2022. <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 on the financial position and results of operations of <br />the City. <br />