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On April 14, the Governmental Accounting Standards Board (GASB) released a statement proposing the postponement of the effective dates of certain accounting and financial reporting requirements set to go into effect in the near future. Their goal in doing so is to provide relief in light of the COVID-19 pandemic.

GASB is requesting that written comments be submitted 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. If the proposal is accepted, the postponements would be effective immediately. To read the GASB release in full, click here.