GASB may postpone some standards and implementation guidance due to coronavirus
The Governmental Accounting Standards Board is considering delaying the effective dates of its standards and implementation guides because of the novel coronavirus pandemic.
GASB said Thursday it has added a project to its current technical agenda to consider postponing all of its Statement and Implementation Guide provisions with an effective date that starts on or after reporting periods beginning after June 15, 2018.
GASB attributed the proposed delay to the closure of many state and local government offices because of the COVID-19 outbreak. As a result of those closures, many government officials lack access to the information they need to implement the new GASB pronouncements and guidance.
GASB said it has received numerous requests from state and local government officials and public accounting firms asking it to postpone the upcoming effective dates of those pronouncements. In particular, those pronouncements include Statement No. 84, Fiduciary Activities, and Statement No. 87, Leases, along with the related Implementation Guides for those standards.
GASB plans to consider an exposure draft that would be issued next month and it intends to finalize the guidance in May.