GASB delays effective dates of recent pronouncements
State and local governments will have additional time to comply with numerous recent GASB pronouncements after the board issued guidance Friday granting an extension as a result of the coronavirus pandemic.
The guidance is available in GASB Statement No. 95, Postponement of the Effective Dates of Certain Authoritative Guidance. The effective dates of GASB Statement No. 87, Leases, and Implementation Guide No. 2019-3, Leases, have been postponed by 18 months.
Effective dates are extended by one year for certain guidance in the following pronouncements:
The effective date of Statement No. 94, Public-Private and Public-Public Partnerships and Availability Payment Arrangements, is not postponed because the pandemic was factored into that standard’s effective date.
— Ken Tysiac (Kenneth.Tysiac@aicpa-cima.com) is the JofA’s editorial director.
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