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<title>GASB to Consider Postponing Effective Dates of Certain Statements and Implementation Guides</title>
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<p class="MsoNormal"><span style="color:#1F497D">Hello CAFR Contacts,<o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D">I wanted make everyone aware of the latest updates from the GASB, especially since this impacts GASB 84 and GASB 87.
<o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D">It’s important to remember, that this is only being considered by the GASB.
<b><u>The effective dates have not yet been delayed, and they may not be</u></b>. Therefore, we need to proceed as if they will not be delayed until further direction from the GASB is received. <o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D">If you have any question, please feel free to reach out.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D">Rob<o:p></o:p></span></p>
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<p class="MsoNormal" style="line-height:150%"><span style="font-size:9.0pt;line-height:150%;font-family:"Georgia",serif;color:#656565"><a href="https://mailchi.mp/f-a-f/gasb-to-consider-postponing-effective-dates-of-certain-statements-and-implementation-guides?e=64fc75ed88" target="_blank"><span style="color:#656565">View
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<p class="MsoNormal"><strong><span style="font-size:12.0pt;font-family:"Georgia",serif;color:#2A2A2A">GASB to Consider Postponing Effective Dates of Certain Statements and Implementation Guides</span></strong><span style="font-size:10.5pt;font-family:"Georgia",serif;color:#2A2A2A">
<o:p></o:p></span></p>
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<p class="MsoNormal" style="line-height:150%"><strong><span style="font-size:10.5pt;line-height:150%;font-family:"Georgia",serif;color:#2A2A2A">Norwalk, CT—March 26, 2020—</span></strong><span style="font-size:10.5pt;line-height:150%;font-family:"Georgia",serif;color:#2A2A2A">The
Governmental Accounting Standards Board (<a href="https://accountingfoundation.us3.list-manage.com/track/click?u=e043e1190253df702a1340ed7&id=22700d3ecc&e=64fc75ed88"><span style="color:#EF4142;text-decoration:none">GASB</span></a>) today announced that it
has added a project to its current technical agenda to consider postponing all Statement and Implementation Guide provisions with an effective date that begins on or after reporting periods beginning after June 15, 2018.<br>
<br>
As a result of the closure of many state and local government offices due to the Covid-19 pandemic, many government officials do not have access to the information necessary for implementing new GASB pronouncements. The GASB has received numerous requests from
state and local government officials and public accounting firms regarding postponing the upcoming effective dates of pronouncements. Most notably, those pronouncements include Statement No. 84,
<em><span style="font-family:"Georgia",serif">Fiduciary Activities,</span></em> and Statement No. 87,
<em><span style="font-family:"Georgia",serif">Leases</span></em>, as well as their related Implementation Guides.<br>
<br>
The Board plans to consider an Exposure Draft for issuance in April and finalize the guidance in May 2020.<br>
<o:p></o:p></span></p>
<p class="MsoNormal" align="center" style="text-align:center;line-height:150%"><span style="font-size:10.5pt;line-height:150%;font-family:"Georgia",serif;color:#2A2A2A">####<o:p></o:p></span></p>
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<p class="MsoNormal" style="line-height:150%"><span style="font-size:10.5pt;line-height:150%;font-family:"Georgia",serif;color:#2A2A2A">Kip Betz<br>
Senior Communications Manager<br>
<img border="0" width="143" height="35" style="width:1.493in;height:.368in" id="_x0000_i1025" src="https://gallery.mailchimp.com/e043e1190253df702a1340ed7/images/f78320ef-8ffe-4fee-99e5-91c9fec02a78.png"><br>
Financial Accounting Foundation<br>
401 Merritt 7, PO Box 5116, Norwalk, CT 06856<br>
<a href="mailto:jcbetz@f-a-f.org">jcbetz@f-a-f.org</a> // T: 203.956.5201<br>
<a href="www.accountingfoundation.org"><span style="color:#EF4142;text-decoration:none">www.accountingfoundation.org</span></a>
<o:p></o:p></span></p>
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