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Last updated on 4/3/2020
In a media advisory issued on March 26, 2020, the Governmental Accounting Standards Board (GASB) announced that it is considering delaying the effective dates of all Statement and Implementation Guide provisions with an effective date starting on or after reporting periods beginning after June 15, 2018 as a result of the disruption caused by the COVID-19 pandemic.
Many state and local governmental offices’ accounting and financial operations have been impacted by the COVID-19 outbreak. Thus, many government officials may not have the resources to access and gather needed information to implement newer GASB pronouncements and guidance. Specifically, those pronouncements include Statement No. 84, Fiduciary Activities, and Statement No. 87, Leases, along with the respective Implementation Guides for those standards.
GASB plans to consider an exposure draft that would be issued in April 2020 and finalize the guidance on this matter in May. P&N will continue to monitor changes and provide insight related to the effective dates of these pronouncements. Please contact us if you have questions about how this may impact your agency.