GASB Considers Delays to Effective Dates

Thoughtware Alert Mar 27, 2020
Credit cards and money

On March 26, 2020, GASB announced it will consider postponing all statements and implementation guides with an effective date that begins on or after reporting periods beginning after June 15, 2018.

“As a result of the closure of many state and local government offices due to the Covid-19 pandemic, many government officials do not have access to the information necessary for implementing new GASB pronouncements. GASB has received numerous requests from state and local government officials and public accounting firms regarding postponing the upcoming effective dates of pronouncements. Most notably, those pronouncements include Statement No. 84, Fiduciary Activities, and Statement No. 87, Leases, as well as their related Implementation Guides,” GASB said.

GASB must follow its existing due process rules and plans to issue an exposure draft in April and finalized guidance in May.

Conclusion

BKD will continue to follow this developing situation. Visit our website to learn more. If you have questions about these changes, contact your BKD Trusted Advisor™.

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