GASB Announces COVID-19 Response

April 7, 2020

The GASB has announced that it is taking certain actions in response to the COVID-19 pandemic, including the following:

The Board is reviewing a proposal that would postpone the effective dates of eight statements and five implementation guides. The GASB will assess whether to release the proposal for public comment at its April 14, 2020, teleconference meeting.
The comment deadline for the GASB’s proposed concepts statement Communication Methods in General Purpose External Financial Reports That Contain Basic Financial Statements: Notes to Financial Statements will be extended to June 30, 2020. The public hearing on the document is also tentatively rescheduled for July 28, 2020.
The GASB will be posting a “toolbox” on its Web site to “assist governments and other stakeholders to identify the guidance that they can draw on to address the issues they are facing during this difficult period.”