Implementation timeline delayed on new accounting standards, including leases, for Tribes, Tribal Casinos, and other governments

The Governmental Accounting Standards Board today issued Statement No. 95, Postponement of the Effective Dates of Certain Authoritative Guidance.  That’s right – even the GASB is responding to the COVID-19 pandemic.  This is largely due to feedback from governments and their auditors that extra time was needed in light of the current circumstances. Read the full text here.

PronouncementEffective for periods after…
83 Certain Asset Retirement ObligationsJune 15, 2019
84 Fiduciary ActivitiesDecember 15, 2019
87 Leases and Implementation Guide 2019-3June 15, 2021
88 Certain Disclosures Related to Debt, including Direct Borrowings and Direct PlacementsJune 15, 2019
89 Accounting for Interest Cost Incurred before the End of Construction PeriodDecember 15, 2020
90 Majority Equity Interests-an amendment of GASB Statement No. 14 and No. 61December 15, 2019
91 Conduit Debt ObligationsDecember 15, 2021
92 Omnibus 2020June 15, 2021
93 Replacement of Interbank Offered Rates, paragraphs 13 and 14June 15, 2021
Implementation Guide 2017-3, Questions 4.484 and 4.491June 15, 2019
Implementation Guide 2017-3, Questions 4.85, 4.103, 4.108, 4.109, 4.225, 4.239, 4.244, 4.245, and 5.1-5.4December 15, 2018
Implementation Guide 2018-1June 15, 2019
Implementation Guide 2019-1June 15, 2020

One of the more significant standards, Statement No. 87, Leases, has been kicked down the road by Tribal casinos and governments alike. In our experience, many casinos are able to implement with minimal impact on reporting. Governments, depending on complexity of ground leases and activities in their other enterprises, have proven to be more difficult.

If your Tribe requires assistance in implementing any of these standards please get in contact.

Leave a Reply

Your email address will not be published.