The Governmental Accounting Standards Board (GASB) is considering a delay in the implementation of all pronouncements with an effective date that begins on or after reporting periods beginning after June 15, 2018.
This would potentially mean that governmental entities could delay the implementation of GASB Statement No. 84, Fiduciary Activities (GASB 84) and Statement No. 87, Leases (GASB 87). Currently, these statements are effective for fiscal years beginning after Dec. 15, 2018, and Dec. 15, 2019, respectively. The delay of GASB 84 would allow governmental entities additional time to identify and differentiate its fiduciary activities and fiduciary component units, while the delay of GASB 87 would allow governmental entities additional time to review and catalog its current operating and capital leases to determine the appropriate treatment for each lease. GASB expects to issue an exposure draft in April and will receive full board consideration in May.
The full press release can be accessed here, and additional press releases can be found on the GASB’s website.
For more information on GASB 87, Leases, please refer to our previous article published October 11, 2019.
For questions or more information, please contact email@example.com.