GASB Issues a Project to Potentially Delay Standards

March 27, 2020 | Article

The Governmental Accounting Standards Board (GASB) began a project to tentatively delay current and pending standards by up to one year, subject to due process. An exposure draft is slated for release within the next few weeks with a short comment period. The GASB has a goal of finalizing the project by late May or early June.

Currently, GASB Statement Nos. 83, 84, 87, 88, 89, 90, 91 and 92 are under consideration for delay along with related Implementation Guide questions. At the meetings just concluded, the GASB approved Statement No. 93, Replacement of Interbank Offered Rates, which did not have a delay but was approved subject to revisiting in the future should regulatory bodies delay the sunset of the London Interbank Offered Rate. Statement No. 94 Public-Private and Public-Public Partnerships and Availability Payment Arrangements was also approved, but with an additional year for implementation than had been proposed (now for fiscal years beginning after June 15, 2022).

Early implementations will still be encouraged. For those governments that have implemented standards such as GASB Statement No. 84, they will be able to use the time now to focus on other issues.

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