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.
COVID-19 continues to impact governmental organizations.
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 |
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 |
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 |
IG No. 2019-1, Implementation Guidance Update - 2019 |
Updated to Fiscal Years Ending December 31, 2021 and subsequent |
GASB-89, Accounting for Interest Costs Incurred Before the End of a Construction Period |
Updated to Fiscal Years Ending June 30, 2022 and subsequent |
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Updated to Fiscal Years Ending December 31, 2022 and subsequent |
GASB-91, Conduit Debt Obligations |
Updated to Fiscal Years Ending June 30, 2023 and subsequent |
GASB-94, Public-Private and Public-Public Partnerships and Availability Payment Arrangements |
Other |
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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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