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Potential GASB 87 Lease Accounting Standards Delay

Due to the closure of many state and local government offices and the disruption in the industry due to the COVID-19 pandemic, the GASB has received numerous requests from municipalities and accounting firms to consider postponing the implementation of upcoming pronouncements.

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Due to the closure of many state and local government offices and the disruption in the industry due to the COVID-19 pandemic, the GASB has received numerous requests from municipalities and accounting firms to consider postponing the implementation of upcoming pronouncements.

Due to the closure of many state and local government offices and the disruption in the industry due to the COVID-19 pandemic, the GASB has received numerous requests from municipalities and accounting firms to consider postponing the implementation of upcoming pronouncements.

As a result, the GASB has added to their project plan, Postponement of the Effective Dates of Certain Authoritative Guidance.

The GASB anticipates issuing an Exposure Draft in April, with a final guidance in May 2020.

The following Statements and Implementation Guides will be considered for postponement as they have an effective date that begins on or after reporting periods beginning after June 15, 2018:

  • 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 – an amendment of GASB Statements No. 14 and No. 61
  • Statement No. 91 – Conduit Debt Obligations
  • Statement No. 92 – Omnibus 2020
  • 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
  • Implementation Guide No. 2019-3, Leases

The comment period is April – May 2020.

We will follow the process and keep you updated as to any developments.

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