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<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D">Hello CAFR Contacts,<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D">I’m sharing this around to keep everyone aware of what’s happening at the GASB. As a reminder, nothing is yet effective until GASB issues a standard delaying
the guidance listed below, which at the earliest would be the middle of next month. Further, at this point we’re continuing to plan on implementing GASB 84 for FY 2020, even if the standard is delayed. If GASB 87 is delayed, we will
<u>not</u> implement that on July 1, 2020 for Fiscal Year 2021.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D">If you have any questions, please reach out to me.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D">Thank you,<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D">Rob<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D"><o:p> </o:p></span></p>
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<p class="MsoNormal"><b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">From:</span></b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> GASB Director <director@gasb.org>
<br>
<b>Sent:</b> Wednesday, April 15, 2020 1:32 PM<br>
<b>To:</b> HAMILTON Robert W * DAS <Robert.W.HAMILTON@oregon.gov><br>
<b>Subject:</b> GASB Proposes to Postpone Effective Dates<o:p></o:p></span></p>
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<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto"><span style="font-size:9.0pt;font-family:"Georgia",serif;color:#3C3C3D">The Governmental Accounting Standards Board (</span><span style="font-size:9.0pt;font-family:"Georgia",serif"><a href="http://www.gasb.org/"><span style="color:#3C3C3D">GASB</span></a><span style="color:#3C3C3D">)
today proposed to postpone the effective dates of provisions in almost all Statements and Implementation Guides due to be implemented by state and local governments for fiscal years 2019 and later.<br>
<br>
In light of the COVID-19 pandemic, the </span><a href="https://gasb.org/cs/Satellite?c=Document_C&cid=1176174483475&pagename=GASB%2FDocument_C%2FDocumentPage"><span style="color:#3C3C3D">Exposure Draft</span></a><span style="color:#3C3C3D">, <i>Postponement
of the Effective Dates of Certain Authoritative Guidance</i>, is intended to provide relief to governments. The proposal would postpone by one year the effective dates of provisions in the following pronouncements:</span></span><span style="font-size:9.0pt;font-family:"Tahoma",sans-serif"><o:p></o:p></span></p>
<p class="MsoListParagraph" style="mso-margin-top-alt:4.5pt;margin-right:.75pt;margin-bottom:4.5pt;margin-left:.25in;text-indent:-.25in;line-height:18.0pt">
<span style="font-size:9.0pt;font-family:Symbol;color:#3C3C3D">·</span><span style="font-size:7.0pt;color:#3C3C3D">
</span><span style="font-size:9.0pt;font-family:"Georgia",serif;color:#3C3C3D">Statement No. 83, <i>Certain Asset Retirement Obligations</i></span><span style="font-size:9.0pt;font-family:"Tahoma",sans-serif"><o:p></o:p></span></p>
<p class="MsoListParagraph" style="mso-margin-top-alt:4.5pt;margin-right:.75pt;margin-bottom:4.5pt;margin-left:.25in;text-indent:-.25in;line-height:18.0pt">
<span style="font-size:9.0pt;font-family:Symbol;color:#3C3C3D">·</span><span style="font-size:7.0pt;color:#3C3C3D">
</span><span style="font-size:9.0pt;font-family:"Georgia",serif;color:#3C3C3D">Statement No. 84, <i>Fiduciary Activities</i></span><span style="font-size:9.0pt;font-family:"Tahoma",sans-serif"><o:p></o:p></span></p>
<p class="MsoListParagraph" style="mso-margin-top-alt:4.5pt;margin-right:.75pt;margin-bottom:4.5pt;margin-left:.25in;text-indent:-.25in;line-height:18.0pt">
<span style="font-size:9.0pt;font-family:Symbol;color:#3C3C3D">·</span><span style="font-size:7.0pt;color:#3C3C3D">
</span><span style="font-size:9.0pt;font-family:"Georgia",serif;color:#3C3C3D">Statement No. 87, <i>Leases</i></span><span style="font-size:9.0pt;font-family:"Tahoma",sans-serif"><o:p></o:p></span></p>
<p class="MsoListParagraph" style="mso-margin-top-alt:4.5pt;margin-right:.75pt;margin-bottom:4.5pt;margin-left:.25in;text-indent:-.25in;line-height:18.0pt">
<span style="font-size:9.0pt;font-family:Symbol;color:#3C3C3D">·</span><span style="font-size:7.0pt;color:#3C3C3D">
</span><span style="font-size:9.0pt;font-family:"Georgia",serif;color:#3C3C3D">Statement No. 88, <i>Certain Disclosures Related to Debt, including Direct Borrowings and Direct Placements</i></span><span style="font-size:9.0pt;font-family:"Tahoma",sans-serif"><o:p></o:p></span></p>
<p class="MsoListParagraph" style="mso-margin-top-alt:4.5pt;margin-right:.75pt;margin-bottom:4.5pt;margin-left:.25in;text-indent:-.25in;line-height:18.0pt">
<span style="font-size:9.0pt;font-family:Symbol;color:#3C3C3D">·</span><span style="font-size:7.0pt;color:#3C3C3D">
</span><span style="font-size:9.0pt;font-family:"Georgia",serif;color:#3C3C3D">Statement No. 89, <i>Accounting for Interest Cost Incurred before the End of a Construction Period</i></span><span style="font-size:9.0pt;font-family:"Tahoma",sans-serif"><o:p></o:p></span></p>
<p class="MsoListParagraph" style="mso-margin-top-alt:4.5pt;margin-right:.75pt;margin-bottom:4.5pt;margin-left:.25in;text-indent:-.25in;line-height:18.0pt">
<span style="font-size:9.0pt;font-family:Symbol;color:#3C3C3D">·</span><span style="font-size:7.0pt;color:#3C3C3D">
</span><span style="font-size:9.0pt;font-family:"Georgia",serif;color:#3C3C3D">Statement No. 90, <i>Majority Equity Interests</i></span><span style="font-size:9.0pt;font-family:"Tahoma",sans-serif"><o:p></o:p></span></p>
<p class="MsoListParagraph" style="mso-margin-top-alt:4.5pt;margin-right:.75pt;margin-bottom:4.5pt;margin-left:.25in;text-indent:-.25in;line-height:18.0pt">
<span style="font-size:9.0pt;font-family:Symbol;color:#3C3C3D">·</span><span style="font-size:7.0pt;color:#3C3C3D">
</span><span style="font-size:9.0pt;font-family:"Georgia",serif;color:#3C3C3D">Statement No. 91, <i>Conduit Debt Obligations</i></span><span style="font-size:9.0pt;font-family:"Tahoma",sans-serif"><o:p></o:p></span></p>
<p class="MsoListParagraph" style="mso-margin-top-alt:4.5pt;margin-right:.75pt;margin-bottom:4.5pt;margin-left:.25in;text-indent:-.25in;line-height:18.0pt">
<span style="font-size:9.0pt;font-family:Symbol;color:#3C3C3D">·</span><span style="font-size:7.0pt;color:#3C3C3D">
</span><span style="font-size:9.0pt;font-family:"Georgia",serif;color:#3C3C3D">Statement No. 92, <i>Omnibus 2020, </i>paragraphs 6–10 and 12</span><span style="font-size:9.0pt;font-family:"Tahoma",sans-serif"><o:p></o:p></span></p>
<p class="MsoListParagraph" style="mso-margin-top-alt:4.5pt;margin-right:.75pt;margin-bottom:4.5pt;margin-left:.25in;text-indent:-.25in;line-height:18.0pt">
<span style="font-size:9.0pt;font-family:Symbol;color:#3C3C3D">·</span><span style="font-size:7.0pt;color:#3C3C3D">
</span><span style="font-size:9.0pt;font-family:"Georgia",serif;color:#3C3C3D">Statement No. 93, <i>Replacement of Interbank Offered Rates, </i>paragraphs 13 and 14</span><span style="font-size:9.0pt;font-family:"Tahoma",sans-serif"><o:p></o:p></span></p>
<p class="MsoListParagraph" style="mso-margin-top-alt:4.5pt;margin-right:.75pt;margin-bottom:4.5pt;margin-left:.25in;text-indent:-.25in;line-height:18.0pt">
<span style="font-size:9.0pt;font-family:Symbol;color:#3C3C3D">·</span><span style="font-size:7.0pt;color:#3C3C3D">
</span><span style="font-size:9.0pt;font-family:"Georgia",serif;color:#3C3C3D">Implementation Guide No. 2017-3, <i>Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions (and Certain Issues Related to OPEB Plan Reporting), </i>Questions
4.85, 4.103, 4.108, 4.109, 4.225, 4.239, 4.244, 4.245, 4.484, 4.491, and 5.1–5.4</span><span style="font-size:9.0pt;font-family:"Tahoma",sans-serif"><o:p></o:p></span></p>
<p class="MsoListParagraph" style="mso-margin-top-alt:4.5pt;margin-right:.75pt;margin-bottom:4.5pt;margin-left:.25in;text-indent:-.25in;line-height:18.0pt">
<span style="font-size:9.0pt;font-family:Symbol;color:#3C3C3D">·</span><span style="font-size:7.0pt;color:#3C3C3D">
</span><span style="font-size:9.0pt;font-family:"Georgia",serif;color:#3C3C3D">Implementation Guide No. 2018-1, <i>Implementation Guidance Update—2018</i></span><span style="font-size:9.0pt;font-family:"Tahoma",sans-serif"><o:p></o:p></span></p>
<p class="MsoListParagraph" style="mso-margin-top-alt:4.5pt;margin-right:.75pt;margin-bottom:4.5pt;margin-left:.25in;text-indent:-.25in;line-height:18.0pt">
<span style="font-size:9.0pt;font-family:Symbol;color:#3C3C3D">·</span><span style="font-size:7.0pt;color:#3C3C3D">
</span><span style="font-size:9.0pt;font-family:"Georgia",serif;color:#3C3C3D">Implementation Guide No. 2019-1, <i>Implementation Guidance Update—2019</i></span><span style="font-size:9.0pt;font-family:"Tahoma",sans-serif"><o:p></o:p></span></p>
<p class="MsoListParagraph" style="mso-margin-top-alt:4.5pt;margin-right:.75pt;margin-bottom:4.5pt;margin-left:.25in;text-indent:-.25in;line-height:18.0pt">
<span style="font-size:9.0pt;font-family:Symbol;color:#3C3C3D">·</span><span style="font-size:7.0pt;color:#3C3C3D">
</span><span style="font-size:9.0pt;font-family:"Georgia",serif;color:#3C3C3D">Implementation Guide No. 2019-2, <i>Fiduciary Activities</i></span><span style="font-size:9.0pt;font-family:"Tahoma",sans-serif"><o:p></o:p></span></p>
<p class="MsoListParagraph" style="mso-margin-top-alt:4.5pt;margin-right:.75pt;margin-bottom:4.5pt;margin-left:.25in;text-indent:-.25in;line-height:18.0pt">
<span style="font-size:9.0pt;font-family:Symbol;color:#3C3C3D">·</span><span style="font-size:7.0pt;color:#3C3C3D">
</span><span style="font-size:9.0pt;font-family:"Georgia",serif;color:#3C3C3D">Implementation Guide No. 2019-3, <i>Leases.</i></span><span style="font-size:9.0pt;font-family:"Tahoma",sans-serif"><o:p></o:p></span></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span style="font-size:9.0pt;font-family:"Georgia",serif;color:#3C3C3D">The GASB did not propose postponing the other provisions of Statement 93 or Statement No. 94, <i>Public-Private
and Public-Public Partnerships and Availability Payment Arrangements, </i>because the pandemic was factored into the establishment of the effective dates for those pronouncements.<br>
<br>
The GASB is working under an expedited schedule to issue this guidance as quickly as practicable. The </span><span style="font-size:9.0pt;font-family:"Georgia",serif"><a href="https://gasb.org/cs/Satellite?c=Document_C&cid=1176174483475&pagename=GASB%2FDocument_C%2FDocumentPage"><span style="color:#3C3C3D">Exposure
Draft</span></a><span style="color:#3C3C3D"> is available on the GASB website, </span><a href="http://www.gasb.org/"><span style="color:#3C3C3D">www.gasb.org</span></a><span style="color:#3C3C3D">, with a comment deadline of April 30. The GASB invites stakeholders
to review the proposal and provide comments. The Board is scheduled to review stakeholder feedback and consider a final Statement for issuance on May 8.<br>
<br>
</span></span><span style="font-size:10.0pt;font-family:"Georgia",serif;color:#3C3C3D">In response to the COVID-19 pandemic, the GASB provides a number of resources for stakeholders, including an emergency toolbox, on its website at </span><span style="font-size:10.0pt"><a href="http://www.gasb.org/COVID19"><span style="font-family:"Georgia",serif;color:#3C3C3D">www.gasb.org/COVID19</span></a></span><span style="font-size:10.0pt;font-family:"Georgia",serif;color:#3C3C3D">.</span><span style="font-size:9.0pt;font-family:"Tahoma",sans-serif"><o:p></o:p></span></p>
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