UPDATED 4/15/20: GASB Votes to Postpone Standard/Guide Effective Dates

UPDATE: On April 14, GASB voted to delay implementation of certain standards described in this article, as well as postpone timelines for other projects. The specifics are still being discussed; we will report this information as it becomes available.

In light of the COVID-19 pandemic, the Governmental Accounting Standards Board (GASB) is considering postponing the effective dates of all Statement and Implementation Guide provisions with effective dates of June 15, 2018. Specifically, this action would affect Statement No. 84, Fiduciary Activities, and Statement No. 87, Leases, along with any related Implementation Guides.

Presently, the requirements of Statement No. 84 and its implementation guide are effective for reporting periods beginning after December 15, 2018. Statement No. 87 and its implementation guide are effective for periods beginning after December 15, 2019.

GASB anticipates final guidance in this matter to be issued in May of 2020. You can also visit our Resources pages to learn more about the Statement 84 fiduciary activities implementation guide and the Statement 87 leases implementation guide. And as always, contact James Moore’s higher education CPAs to see how these requirements affect your institution or organization.

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