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GASB Proposes Postponing Effective Dates of Certain New Reporting Requirements
On April 15, 2020, the Governmental Accounting Standards Board (GASB) released a proposed statement entitled Postponement of the Effective Dates of Certain Authoritative Guidance. The proposed statement was issued in response to requests from stakeholders due to the impact of the COVID-19 pandemic on financial reporting activities. The primary objective is to provide temporary relief from certain new accounting and financial reporting requirements to state and local governments for fiscal years 2019 and later. The proposal would postpone by one year the effective dates of certain provisions in Statements and Implementation Guides, which (among others) includes the following pronouncements:
- Statement No. 84, Fiduciary Activities
- 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. 2019-2, Fiduciary Activities
The Exposure Draft is available here.