GASB Approves Delayed Effective Dates for Recent Provisions

Governments have been challenged by the COVID-19 pandemic—and the Governmental Accounting Standards Board (GASB) has provided some relief.

Thursday morning, the GASB officially approved the framework of Statement No. 95, Postponement of Effective Dates in Certain Authoritative Guidance, to delay effective dates of all statement and implementation guide provisions with effective dates beginning June 15, 2018 through Statement No. 93 and Implementation Guide 2019-3.

Last month we reported that GASB had agreed to the postponement. In today’s vote, the group officially postponed effective dates by 12-18 months from the previous dates. Most notably:

  • Statement No. 84, Fiduciary Activities, along with any related implementation guides, are postponed by one year until fiscal years beginning after Dec. 15, 2019, or fiscal year 2021 for all June and September year-ends.
  • Statement No. 87, Leases, along with any related implementation guides, are postponed by 18 months until fiscal years beginning after June. 15, 2021, or fiscal year 2022 for all June and September year-ends.

We’ll take a deep dive into the full impacts of GASB Statement No. 95 on the governmental accounting landscape in the first webinar of our 2020 Government CPE Series next Wednesday, May 13. You can register for that webinar here.

You can also visit our website to read more about the Statement 84 fiduciary activities implementation guide and the Statement 87 leases implementation guide.

And as always, contact James Moore’s government CPAs to see how these requirements affect your institution or organization.

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