In order to provide some temporary relief to governments during the COVID-19 pandemic, the Governmental Accounting Standards Board (GASB) passed Statement No. 95, which is effective immediately and provides extensions to many upcoming standards.

The following standards are postponed by one year from their original effective date:

  • Statement No. 83, Certain Asset Retirement Obligations
  • Statement No. 84, Fiduciary Activities
  • 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
  • Statement No. 93, Replacement of Interbank Offered Rates
  • Implementation Guide No. 2017-3, Accounting and Financial Reporting for Postemployment Benefits Other than Pensions (and Certain Issues Related to OPEB Plan Reporting)
  • 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

The following standards are postponed by 18 months:

  • Statement No. 87, Leases
  • Implementation Guide No. 2019-3, Leases

Early application is permitted, but only to the extent it was allowed in each of the original, individual statements.  However, if any of the standards listed above are implemented prior to their newly extended dates, they must be disclosed as having been “early implemented.”