GASB may delay some standards and implementation guidance due to COVID-19

Because of the COVID-19 virus, the Government Accounting Standards Board (GASB) is considering delaying the effective dates of its standards and implementation guides.

The GASB announced that is it adding an item to its agenda to postpone all statement and implementation guide provisions with an effective date that begins on or after reporting periods beginning after June 15, 2018.

The GASB said it is considering the delay because many government offices were forced to close because of the coronavirus and officials don’t have access to documents.

The board is expected to make the decision in April and finalize guidance in May.

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