Your New Favorite GASB Statement

GASB logoThe GASB recently released Statement 95 Postponement of the Effective Dates of Certain Authoritative Guidance, to be effective immediately. The statement formalizes what we already knew – the implementation date of many (but not all) new standards and implementation guides has been pushed back 12 to 18 months.

Implementation of the following pronouncements is delayed 12 months – we have noted the new implementation dates of the most impactful pronouncements:

  • Statement No. 83, Certain Asset Retirement Obligations, now effective for reporting periods beginning after June 15, 2019, meaning FYE June 30, 2020 for most local government agencies
  • Statement No. 84, Fiduciary Activities, now effective for reporting periods beginning after December 15, 2019, meaning FYE June 30, 2021 for most local government agencies
  • 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

Implementation of the following pronouncements is delayed 18 months, now effective for reporting periods beginning after June 15, 2021, meaning FYE June 30, 2022 for most local government agencies:

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

You should note that the implementation date of Statement 94, Public-Private and Public-Public Partnerships and Availability Payment Arrangements, has not changed; it is applicable for reporting periods beginning after June 15, 2022.

Please contact us at (919) 814-4300 or at slgfd@nctreasurer.com with questions.