Due to the COVID-19 pandemic, the Governmental Accounting Standards Board (GASB) is proposing to delay the effective dates for certain accounting and financial reporting requirements in an effort to provide relief to entities that report under guidance issued by the GASB. The GASB is proposing a one-year delay for nearly all GASB Statements and Implementation Guides that became effective or are scheduled to become effective after June 15, 2018.
This includes the proposed delay of Statement No. 84, Fiduciary Activities and Statement No. 87, Leases. The delay of these Statements alone would be significant due to both having some of the earliest effective dates and each being one of the more complex and time consuming to implement. This would be welcome news, and particularly relevant, for governmental health care organizations that are currently focusing the majority of their resources on treating patients in this COVID-19 environment. For a complete list of GASB Statements and Implementation Guides included in the proposed delay, please visit the Exposure Draft.
The GASB’s decision to submit the Exposure Draft was driven by requests from numerous individuals and organizations that were experiencing significant difficulties in accessing the information necessary to ensure proper implementation of new guidance and accurate financial reporting while working remotely due to COVID-19. Because of the time sensitive nature of the Exposure Draft, the GASB has requested that comments be submitted by April 30th. The GASB intends to review these comments and have a final Statement issued by May 8th.
If you need assistance evaluating comment submission or have any questions related to the Exposure Draft or any other issues your organization may be experiencing related to COVID-19, visit our COVID-19 hub, or contact one of our PYA executives below at (800) 270-9629.
