On Wednesday, April 15th the Governmental Accounting Standards Board (GASB) issued an exposure draft proposing a one-year delay of certain authoritative guidance in response to the impact of Coronavirus (COVID-19).  There is a 15-day comment period with expectation of a Standard to be issued in early May with an immediate effective date.

The Board’s proposed Statement effective dates 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. 87, Leases – fiscal years beginning after December 15, 2020, and all reporting periods thereafter
  • 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

This one-year 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 Exposure Draft can be accessed by clicking here.

At Draffin & Tucker, LLP we are committed to providing our clients with the latest information related to COVID-19.  Please do not hesitate to contact us with any questions or concerns.  Visit our COVID-19 webpage for more information and updates.

Access all Client Alerts by clicking here.