In response to the coronavirus pandemic, GASB is considering postponing all statement and implementation guide provisions with an effective date that begins on or after reporting periods beginning after June 15, 2018.
The postponement would include Statement No. 84, Fiduciary Activities, and Statement No. 87, Leases.
GASB has added a project to its current technical agenda to consider the postponement because many state and local government offices have closed because of the pandemic. As a result, many government officials do not have access to the information necessary for implementing GASB pronouncements.
Numerous state and local government officials and public accounting firms have contacted GASB requesting the postponement of upcoming effective dates.
GASB plans to consider an exposure draft for issuance in April and to finalize the guidance in May.
— Ken Tysiac (Kenneth.Tysiac@aicpa-cima.com) is the JofA’s editorial director.