In view of the disruption caused by the COVID-19 pandemic, the Governmental Accounting Standards Board (GASB) has announced that it has added a project to its current technical agenda to consider postponing all Statement and Implementation Guide provisions with an effective date that begins on or after reporting periods beginning after June 15, 2018.
Closure of State and Local Governments
As a result of the closure of many state and local government offices due to the COVID-19 pandemic, many government officials do not have access to the information necessary for implementing new GASB pronouncements. The GASB has received numerous requests from state and local government officials and public accounting firms regarding postponing the upcoming effective dates of pronouncements. Most notably, those pronouncements include Statement No. 84, Fiduciary Activities, and Statement No. 87, Leases, as well as their related Implementation Guides.
GASB Exposure Draft Expected in April
The GASB plans to consider an Exposure Draft for be issued in April 2020. It expects to finalize the guidance in May 2020.
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