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GASB postpones effective dates of upcoming standards

May 13, 2020

In late March, we shared that the Government Accounting Standards Board (GASB) was considering delaying the effective dates of some of its standards and implementation guides. The reasoning was because of how many government offices have been forced to close due to COVID-19.

On May 8, the GASB issued Statement No. 95, Postponement of the Effective Dates of Certain Authoritative Guidance. It postpones the effective dates of the following provisions 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
  • Implementation Guide No. 2019-2, Fiduciary Activities

It also postpones the effective dates of the following pronouncements by 18 months:

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

For more information, see the full Statement No. 95.

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