GASB Calls for Accounting Standards Postponement

Apr 22, 2020Covid-19, Government, Nonprofit

On April 14, the Governmental Accounting Standards Board (GASB) released a statement proposing the postponement of the effective dates of specific accounting and financial reporting requirements set to go into effect soon. Their goal in postponing the effective dates by one year is to provide temporary relief considering the current pandemic.

GASB is requesting written comments by April 30, 2020, regarding their proposal to postpone the effective dates of the provisions outlined in the following:

  • 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
  • Statement No. 92, Omnibus 2020
  • Statement No. 93, Replacement of Interbank Offered Rates (paragraphs 13 and 14 only)
  • 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

GASB intends to consider a final statement for the issuance on May 8, 2020. If the proposal is accepted, the postponements would be effective immediately. To read the GASB release in full, click here.

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