United States

GASB postpones effective dates of certain pronouncements


In light of the COVID-19 pandemic, the Governmental Accounting Standards Board (GASB) recently issued Statement No. 95, Postponement of the Effective Dates of Certain Authoritative Guidance, which postpones the effective dates of almost all GASB Statements and Implementation Guides due to be implemented by state and local governments for fiscal years 2019 and later. Statement No. 95 postpones by one year the effective dates of provisions in the following pronouncements:

  • Statement No. 83, Certain Asset Retirement Obligations
  • Statement No. 84, Fiduciary Activities
  • Statement No. 88, Certain Disclosures Related to Debt, including Direct Borrowings and Direct Placements
  • Statement No. 89, Accounting for Interest Cost Incurred before the End of a Construction Period
  • Statement No. 90, Majority Equity Interests
  • Statement No. 91, Conduit Debt Obligations
  • Paragraphs 6 through 10 and 12 of Statement No. 92, Omnibus 2020
  • Paragraphs 13 and 14 of Statement No. 93, Replacement of Interbank Offered Rates
  • Questions 4.85, 4.103, 4.108, 4.109, 4.225, 4.239, 4.244, 4.245, 4.484, 4.491, and 5.1–5.4 in Implementation Guide No. 2017-3, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions (and Certain Issues Related to OPEB Plan Reporting)
  • Implementation Guide No. 2018-1, Implementation Guidance Update—2018
  • Implementation Guide No. 2019-1, Implementation Guidance Update—2019
  • Implementation Guide No. 2019-2, Fiduciary Activities

Statement No. 95 postpones by 18 months the effective dates of the following pronouncements:

  • Statement No. 87, Leases
  • Implementation Guide No. 2019-3, Leases

The provisions of Statement No. 95 are effective immediately. Earlier application of the provisions addressed in Statement No. 95 is encouraged and is permitted to the extent specified in each pronouncement as originally issued.

The GASB has provided other COVID-19-related resources for stakeholders, including an emergency toolbox, which are available on its website at www.gasb.org/COVID19.

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