Assurance Services • Published 5/14/2020 GASB Postpones Effective Dates of Certain Pronouncements

Last updated on 5/14/2020

In response to the COVID-19 pandemic, the Governmental Accounting Standards Board (GASB) issued Statement No. 95, Postponement of the Effective Dates of Certain Authoritative Guidance, that delays the effective dates of many GASB Statements and Implementation Guides that were soon to be implemented by state and local governments. Statement No. 95 postpones by one year the effective dates of provisions in the following identified 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. 2017-3, Accounting and Financial Reporting for Post-Employment Benefits Other Than Pensions (and Certain Issues Related to OPEB Plan Reporting)
• Implementation Guide No. 2018-1, Implementation Guide Update-2018
• Implementation Guide No. 2019-1, Implementation Guide Update-2019
• Implementation Guide No. 2019-2, Fiduciary Activities

Statement No. 95 postpones the effective dates of the following pronouncements for 18 months:

• Statement No. 87, Leases
• Implementation Guide No. 2019-3, Leases

The provisions of Statement No. 95 are effective immediately. Earlier application of the provisions listed in Statement No. 95 is encouraged and permitted. Please contact us if you have questions about how this may impact your agency.