Public Announcements

18-Month Delay for GASB Leases; One Year for All Other Statements

Jun. 10, 2020

In response to the challenges arising from COVID-19, on May 7, 2020, GASB approved Statement 95,

Postponement of the Effective Dates of Certain Authoritative Guidance. While the proposal included an extra year

to implement all guidance, GASB, in a unanimous vote, approved an 18-month postponement for Statement 87,

Leases. All statements and implementation guides with a current effective date of reporting periods beginning

after June 15, 2018, and later will have a one-year postponement. This change is effective immediately.

In addition, GASB posted a toolbox on its website to assist governments to identify the guidance to address COVID-

19-related issues. Topics covered include impairment, contingencies and revenue and expense recognition. GASB

also has extended comment period deadlines on outstanding exposure drafts and is rescheduling previously

planned public hearings to the second half of 2020. Future statements finalized will include additional time for

implementation.