NACUBO, informed by its Accounting Principles Council, asked the Governmental Accounting Standards Board (GASB) to postpone the effective date for its most significant standard, Statement No. 87, Leases, in March. As a result of related board discussions combined with pandemic-related changes in the operating environments of all governmental entities, GASB issued an exposure draft on April 15 that would postpone by one year the effective dates of most standards and related implementation guides.
The board has expedited the comment period in order to issue guidance quickly—by May 8—to provide relief to governmental reporting entities such as public colleges and universities. Comments must be submitted to GASB’s Technical Director by April 30.
The exposure draft, Postponement of the Effective Dates of Certain Authoritative Guidance, applies to the following standards:
- 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, , 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
GASB did not propose postponing certain paragraphs in Statement No. 93, Replacement of Interbank Offered Rates, or Statement No. 94, Public-Private and Public-Public Partnerships and Availability Payment Arrangements, because the COVID-19 emergency was already factored into effective dates established for these pronouncements.