GASB Postpones Effective Dates of 14 Pronouncements Because of COVID-19

May 8, 2020

The GASB has issued Statement No. 95, Postponement of the Effective Dates of Certain Authoritative Guidance. The purpose of Statement 95 is to “provide relief to governments and other stakeholders in light of the COVID-19 pandemic.” The Statement postpones by one year the effective dates of certain provisions 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. 2017-3, 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.

Statement 95 also postpones by 18 months the effective dates of the following pronouncements:

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

For more information, see the press release on the GASB’s Web site.