United States

GASB proposes to postpone effective dates of certain pronouncements

FINANCIAL REPORTING INSIGHTS  | 

In light of the COVID-19 pandemic, the Governmental Accounting Standards Board (GASB) issued an Exposure Draft, which, if finalized, would postpone 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. The Exposure Draft, Postponement of the Effective Dates of Certain Authoritative Guidance, would postpone 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. 87, Leases
  • 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
  • Implementation Guide No. 2019-3, Leases

The Exposure Draft is available for comment until April 30.

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.

 

How can we help you?

To discuss how our team can help your business, contact us by phone 800.274.3978 or

EMAIL US


Subscribe to Financial Reporting Insights

(* = Required fields)