GASB Issues Delays Across Multiple GASB Statements

May 7, 2020 | Article

The Governmental Accounting Standards Board (GASB) approved the release of GASB Statement No. 95 Postponement of the Effective Dates of Certain Authoritative Guidance (GASB-95). Nearly every GASB statement has been impacted that had an effective date for periods beginning after June 15, 2018, and later. The finalized statement should be on the GASB website over the next few days.

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Delays to GASB Statements
The following changes to effective dates to the following pronouncements were approved by the GASB:

Updated to Fiscal Years Ending June 30, 2020 and subsequent
(New Dates - Reporting periods beginning after June 15, 2019)
(Old dates – Reporting periods beginning after June 15, 2018)

GASB-83 Certain Asset Retirement Obligations

GASB-88, Certain Disclosures Related to Debt, including Direct Borrowings and Direct Placements

IG No. 2018-1, Implementation Guidance Update - 2018

Updated to (Fiscal Years Ending December 31, 2020 and subsequent
(New Dates - Reporting periods beginning after December 15, 2019)
(Old dates – Reporting periods beginning after December 15, 2018)

GASB-84, Fiduciary Activities

GASB-90, Majority Equity Interests

IG No. 2019-2, Fiduciary Activities

Updated to Fiscal Years Ending June 30, 2021 and subsequent
(New Dates - Reporting periods beginning after June 15, 2020)
(Old dates – Reporting periods beginning after June 15, 2019)

IG No. 2019-1, Implementation Guidance Update - 2019

Updated to Fiscal Years Ending December 31, 2021 and subsequent
(New Dates - Reporting periods beginning after December 15, 2020)
(Old Dates – Reporting periods beginning after December 15, 2019)

GASB-89, Accounting for Interest Costs Incurred Before the End of a Construction Period

Updated to Fiscal Years Ending June 30, 2022 and subsequent
(New Reporting periods beginning after various see below)

  • GASB-87, Leases (note that this is delayed 18 months from original release)
  • IG No. 2019-3, Leases (note that this is delayed 18 months from original release)
  • GASB-92, Omnibus 2020 (multiple effective dates - refer to Statements for specific details)
    Various Dates: Paragraph 10 - government acquisitions occurring in reporting periods beginning after June 15, 2021
  • GASB-93, Replacement of Interbank Offered Rates (multiple effective dates - refer to Statements for specific details):
    - Periods beginning after June 15, 2020 except for paragraph 11b, effective for periods ending after December 31, 2021;
    - Paragraphs 13 and 14—fiscal years beginning after June 15, 2021 (due to lease provisions – adjusted to GASB-87 adjusted date)

Updated to Fiscal Years Ending December 31, 2022 and subsequent
(New Dates - Reporting periods beginning after December 15, 2021)
(Old Dates – Reporting periods beginning after December 15, 2020)

GASB-91, Conduit Debt Obligations

Updated to Fiscal Years Ending June 30, 2023 and subsequent
(Reporting periods beginning after June 15, 2022)  (Change included as approved)

GASB-94, Public-Private and Public-Public Partnerships and Availability Payment Arrangements

Other

  • IG No. 2017-3, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions (and Certain Issues Related to OPEB Plan Reporting)
    • Questions 4.484 and 4.491—the first reporting period in which the measurement date of the (collective) net OPEB liability is on or after June 15, 2019
    • Questions 4.85, 4.103, 4.108, 4.109, 4.225, 4.239, 4.244, 4.245, and 5.1–5.4—actuarial valuations as of December 15, 2018, or later

What These Delays Mean for Your Government
While GASB No. 95 announces a significant delay in several GASB statements, this doesn’t mean you should stop making progress. Governments should continue to implement GASB statements and related implementation guidance on a timely basis if possible. Governments cannot piecemeal implementation on a given GASB statement, rather, all related guidance, including Implementation Guides (IG), must be included when implementing any GASB topic.

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