The new GASB 81 standard should be applied retroactively by re-presenting the financial statements for all prior periods presented. If you have split interest agreements, you may need to go online with old agreements to adopt the standard retroactively. The main key to successful acceptance and application is to verify each agreement separately to ensure proper accounting. Generally speaking, this new standard provides approach and assessment guides for situations where a government is favoured by an irrevocable split interest agreement. In these situations, a donor irrevocably transfers resources to an intermediary, and the mediator manages those resources for the unconditional benefit of the government and at least one other beneficiary. In some situations, the government may be both intermediary and beneficiary, and the ABS deals with each of these situations in the new standard. . . .