[CAFR-Contacts-News] FW: GASB Proposes to Postpone Effective Dates

[HAMILTON Robert W * DAS]

Hello CAFR Contacts,

I'm sharing this around to keep everyone aware of what's happening at the GASB. As a reminder, nothing is yet effective until GASB issues a standard delaying the guidance listed below, which at the earliest would be the middle of next month. Further, at this point we're continuing to plan on implementing GASB 84 for FY 2020, even if the standard is delayed. If GASB 87 is delayed, we will not implement that on July 1, 2020 for Fiscal Year 2021.

If you have any questions, please reach out to me.

Thank you,

Rob

From: GASB Director <director at gasb.org>
Sent: Wednesday, April 15, 2020 1:32 PM
To: HAMILTON Robert W * DAS <Robert.W.HAMILTON at oregon.gov>
Subject: GASB Proposes to Postpone Effective Dates

The Governmental Accounting Standards Board (GASB<http://www.gasb.org/>) today proposed to postpone the effective dates of provisions in almost all Statements and Implementation Guides due to be implemented by state and local governments for fiscal years 2019 and later.

In light of the COVID-19 pandemic, the Exposure Draft<https://gasb.org/cs/Satellite?c=Document_C&cid=1176174483475&pagename=GASB%2FDocument_C%2FDocumentPage>, Postponement of the Effective Dates of Certain Authoritative Guidance, is intended to provide relief to governments. The proposal would postpone by one year the effective dates of provisions in the following pronouncements:

*       Statement No. 83, Certain Asset Retirement Obligations

*       Statement No. 84, Fiduciary Activities

*       Statement No. 87, Leases

*       Statement No. 88, Certain Disclosures Related to Debt, including Direct Borrowings and Direct Placements

*       Statement No. 89, Accounting for Interest Cost Incurred before the End of a Construction Period

*       Statement No. 90, Majority Equity Interests

*       Statement No. 91, Conduit Debt Obligations

*       Statement No. 92, Omnibus 2020, paragraphs 6-10 and 12

*       Statement No. 93, Replacement of Interbank Offered Rates, paragraphs 13 and 14

*       Implementation Guide No. 2017-3, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions (and Certain Issues Related to OPEB Plan Reporting), Questions 4.85, 4.103, 4.108, 4.109, 4.225, 4.239, 4.244, 4.245, 4.484, 4.491, and 5.1-5.4

*       Implementation Guide No. 2018-1, Implementation Guidance Update-2018

*       Implementation Guide No. 2019-1, Implementation Guidance Update-2019

*       Implementation Guide No. 2019-2, Fiduciary Activities

*       Implementation Guide No. 2019-3, Leases.
The GASB did not propose postponing the other provisions of Statement 93 or Statement No. 94, Public-Private and Public-Public Partnerships and Availability Payment Arrangements, because the pandemic was factored into the establishment of the effective dates for those pronouncements.

The GASB is working under an expedited schedule to issue this guidance as quickly as practicable. The Exposure Draft<https://gasb.org/cs/Satellite?c=Document_C&cid=1176174483475&pagename=GASB%2FDocument_C%2FDocumentPage> is available on the GASB website, www.gasb.org<http://www.gasb.org/>, with a comment deadline of April 30. The GASB invites stakeholders to review the proposal and provide comments. The Board is scheduled to review stakeholder feedback and consider a final Statement for issuance on May 8.

In response to the COVID-19 pandemic, the GASB provides a number of resources for stakeholders, including an emergency toolbox, on its website at www.gasb.org/COVID19<http://www.gasb.org/COVID19>.
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