GASB delays effective dates of recent pronouncements

By Ken Tysiac

State and local governments will have additional time to comply with numerous recent GASB pronouncements after the board issued guidance Friday granting an extension as a result of the coronavirus pandemic.

The guidance is available in GASB Statement No. 95, Postponement of the Effective Dates of Certain Authoritative Guidance. The effective dates of GASB Statement No. 87, Leases, and Implementation Guide No. 2019-3, Leases, have been postponed by 18 months.

Effective dates are extended by one year for certain guidance in the following pronouncements:

  • Statement No. 83, Certain Asset Retirement Obligations.
  • Statement No. 84, Fiduciary Activities.
  • 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.
  • Implementation Guide No. 2017-03, 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.

The effective date of Statement No. 94, Public-Private and Public-Public Partnerships and Availability Payment Arrangements, is not postponed because the pandemic was factored into that standard’s effective date.

Ken Tysiac (Kenneth.Tysiac@aicpa-cima.com) is the JofA’s editorial director.

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