On Friday, May 8th the Governmental Accounting Standards Board (GASB) issued Statement No. 95 to postpone certain authoritative guidance in response to the impact of Coronavirus (COVID-19). The Statement is effective immediately.
Updated Statement effective dates (1-year delay) are as follows:
- Statement No. 83, Certain Asset Retirement Obligations – reporting periods beginning after June 15, 2019
- Statement No. 84, Fiduciary Activities – reporting periods beginning after December 15, 2019
- Statement No. 88, Certain Disclosures Related to Debt, including Direct Borrowings and Direct Placements – reporting periods beginning after June 15, 2019
- Statement No. 89, Accounting for Interest Cost Incurred before the End of a Construction Period – reporting periods beginning after December 15, 2020
- Statement No. 90, Majority Equity Interests – reporting periods beginning after December 15, 2019
- Statement No. 91, Conduit Debt Obligations – reporting periods beginning after December 15, 2021
- Statement No. 92, Omnibus 2020 – various beginning after June 15, 2021
- Statement No. 93, Replacement of Interbank Offered Rates – fiscal years beginning after June 15, 2021, and all reporting periods thereafter
Updated Statement effective dates (18-month delay) are as follows:
- Statement No. 87, Leases – fiscal years beginning after June 15, 2021, and all reporting periods thereafter
This delay is designed to provide much needed relief for governmental entities. For governments already in the process of implementing pronouncements, early adoption is encouraged by the Board.
GASB’s Statement can be accessed by clicking here.