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GASB STATEMENT NO. 95 POSTPONES IMPLEMENTATION OF OTHER STANDARDS

GASB STATEMENT NO. 95 POSTPONES IMPLEMENTATION OF OTHER STANDARDS

Amid the circumstances caused by the coronavirus, the Governmental Accounting Standards Board (GASB) recently approved Statement No. 95 (effective immediately), which postponed the required implementation dates of several Standards and Implementation Guides. A summary of the postponed effective dates for the impacted Standards and Implementation Guides for typical year-ends is provided as a quick reference.

  • GASB No. 83 - Certain Asset Retirement Obligations and GASB No. 88 - Certain Disclosures Related to Debt, including Direct Borrowings and Direct Placements
    • June/September/December year-ends: 2020 audit year
    • March year-ends: 2021 audit year
  • GASB No. 84 - Fiduciary Activities, Implementation Guide 2019-2 – Fiduciary Activities, GASB No. 90 - Majority Equity Interests
    • December year-ends: 2020 audit year
    • March/June/September year-ends: 2021 audit year
  • GASB No. 87 – Leases, Implementation Guide 2019-3 - Leases, GASB No. 92 – Omnibus 2020 (paragraphs 6 and 7)
    • June/September/December year-ends: 2022 audit year
    • March year-ends: 2023 audit year
  • GASB No. 89 - Accounting for Interest Cost Incurred before the End of a Construction Period,
  • GASB No. 91 - Conduit Debt Obligations
    • December year-ends: 2021 audit year
    • March/June/September year-ends: 2022 audit year
  • GASB No. 93 – Replacement of Interbank Offered Rates (paragraphs 13-14)
    • June/September/December year-ends: 2022 audit year
    • March year-ends: 2023 audit year

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