GOVERNMENTAL ACCOUNTING STANDARDS BOARD STATEMENT NO. 95

Due to the ongoing situation regarding the COVID-19 pandemic, the Governmental Accounting Standards Board (GASB) has issued Statement No. 95, Postponement of the Effective Dates of Certain Authoritative Guidance, to provide temporary relief to governments. This Statement aims to provide sufficient time to apply certain authoritative guidance through the postponement of effective dates of certain provisions that became effective for periods after June 15, 2018, and later. GASB Statement No. 95 is effective immediately.

See below for a list of the standards that have been postponed and the new effective dates:

• Statement 83, Certain Asset Retirement Obligations – Reporting periods beginning after June 15, 2019
• Statement 84, Fiduciary Activities – Reporting periods beginning after December 15, 2019
  • Student Activity Fund changes are still required due to State legislature changes.
• Statement 87, Leases – Fiscal years beginning after June 15, 2021
• Statement 88, Certain Disclosures Related to Debt, including Direct Borrowings and Direct Placements – Reporting periods beginning after June 15, 2019
  • CDS plans to move forward as originally scheduled with this standard.
• Statement 89, Accounting for Interest Cost Incurred before the End of a Construction Period – Reporting periods beginning after December 15, 2020
  • CDS plans to move forward as originally scheduled with this standard.
• Statement 90, Major Equity Interests – Reporting periods beginning after December 15, 2019
• Statement 91, Conduit Debt Obligations – Reporting periods beginning after December 15, 2021
• Statement 92, Omnibus 2020 – Reporting periods beginning after June 15, 2021
• Statement 93, Replacement of Interbank Offered Rates – Fiscal years beginning after June 15, 2021

We recommend that governments still work towards preparing for the standards to assist with implementation while taking advantage of the delay. If requested, CDS will assist in the implementation of those Statements. Those services will be billed separate from, and in addition to, your annual audit engagement fees.

Questions? Contact one of our governmental auditing experts.