GASB Postpones Effective Dates of Upcoming Pronouncements

The Governmental Accounting Standards Board (GASB) has issued Statement No. 95, Postponement of the Effective Dates of Certain Authoritative Guidance, as agreed to at the GASB’s meeting this week. The GASB intends Statement 95 to provide relief to governments and other stakeholders in light of the COVID-19 pandemic.

Guidance Affected by Effective Date Extension

The effective dates of the following GASB Statements and Guidance are postponed by one year:

  • 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;
  • Statement No. 92, Omnibus 2020;
  • Statement No. 93, Replacement of Interbank Offered Rates;
  • 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; and
  • Implementation Guide No. 2019-2, Fiduciary Activities.

Extension of Leases Effective Dates

Further, Statement 95 postpones the effective dates of the following pronouncements by 18 months:

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

The provisions of Statement 95 are effective immediately. Statement 95 does not postpone the effective date of Statement No. 94, Public-Private and Public-Public Partnerships and Availability Payment Arrangements, because the pandemic was factored into Statement 94’s effective date.

COVID-19 (Coronavirus) Resources for Tax & Accounting Professionals

Wolters Kluwer is right by your side to help you stay up to date with tax and compliance changes and support your ability to work remotely. Please visit our visit our webpage for more resources.

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