- news
- FINANCIAL REPORTING
GASB considers postponing effective dates
Please note: This item is from our archives and was published in 2020. It is provided for historical reference. The content may be out of date and links may no longer function.
Related
Company lacks standing to sue ERTC advisers
Why stablecoin controls create a solid foundation in an evolving environment
AICPA pushes for congressional support of Fiscal State of the Nation Act
In response to the coronavirus pandemic, GASB is considering postponing all statement and implementation guide provisions with an effective date that begins on or after reporting periods beginning after June 15, 2018.
The postponement would include Statement No. 84, Fiduciary Activities, and Statement No. 87, Leases.
GASB has added a project to its current technical agenda to consider the postponement because many state and local government offices have closed because of the pandemic. As a result, many government officials do not have access to the information necessary for implementing GASB pronouncements.
Numerous state and local government officials and public accounting firms have contacted GASB requesting the postponement of upcoming effective dates.
GASB plans to consider an exposure draft for issuance in April and to finalize the guidance in May.
— Ken Tysiac (Kenneth.Tysiac@aicpa-cima.com) is the JofA’s editorial director.
