The effective dates of most GASB statements and implementation guides due to be implemented for fiscal years 2019 and later would be postponed under a proposal GASB issued Wednesday.
Because of the coronavirus pandemic, GASB proposed postponing by one year the following standards and implementation guides for state and local governments:
- 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 Interest.
- Statement No. 91, Conduit Debt Obligations.
- Statement No. 92, Omnibus 2020, Paragraphs 6–10 and 12.
- Statement No. 93, Replacement of Interbank Offered Rates, Paragraphs 13 and 14.
- Implementation Guide No. 2017-3, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions (and Certain Issues Related to OPEB Plan Reporting), Questions 4.85, 4.103, 4.108, 4.109, 4.225, 4.239, 4.244, 4.245, 4.484, 4.491, and 5.1–5.4.
- 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 did not propose postponing the other provisions of Statement No. 93 or Statement No. 94, Public-Private and Public-Public Partnerships and Availability Payment Arrangements, because the pandemic previously was considered in the establishment of those effective dates.
Comments on the proposal will be accepted through April 30, and the board plans to consider a final statement for issuance on May 8.
—Ken Tysiac (Kenneth.Tysiac@aicpa-cima.com) is the JofA’s editorial director.