GASB Delays Effective Dates Due to COVID-19

Published on May 12, 2020

The Governmental Standards Board (GASB) has extended the effective dates of certain Statements and Implementation Guides to provide temporary relief to governments and other stakeholders in light of the COVID-19 pandemic. Statement No. 95, Postponement of the Effective Dates of Certain Authoritative Guidance delays the effective dates of the following by one year: 

  • 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 No. 95 delays the effective date of the following by 18 months:

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

Early application of the above Statements and Implementation Guides is permitted as outlined in each pronouncement as originally issued.

If you have any questions about this, contact the Johnson Lambert team

This communication is intended to provide general information on COVID-19-related measures as of the date of this communication and may reference information from reputable sources. Although our firm has made every reasonable effort to ensure that the information provided is accurate, we make no warranties, expressed or implied, on the information provided. As COVID-19-related efforts are still ongoing, we expect that there may be additional guidance and clarification from regulators that may modify some of the provisions in this communication. Some of those modifications may be significant. As such, be aware that this is not a comprehensive analysis of the subject matter covered and is not intended to provide specific recommendations to you or your business with respect to the matters addressed.

Carrie Rice
Carolyn Rice | Partner