The Governmental Accounting Standards Board (GASB) is taking steps to reduce the stress on government finance departments imposed by the COVID-19 pandemic. On April 15th, the Organization proposed to postpone the effective dates of some Pronouncements by one year. The Exposure Draft has a comment deadline of April 30th and is slated for a final statement of issuance on May 8th.
The proposal will affect the following Pronouncements:
- 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 Interests
- 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 has also posted several resources for Stakeholders to a dedicated GASB Response to COVID-19 web page, including a GASB Emergency Toolbox.
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