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