GASB

GASB is considering postponing the effective dates of eight statements and five implementation guides.

GASB will release on April 16 a list of delays to various initiatives because of the coronavirus pandemic.

GASB Statement 92 covers 8 new standards for GAAP accounting in Omnibus 2020

Members of GFOA’s Debt Committee agreed Monday to form a working committee that will publicize the issues involved in the transition among the organization’s more than 21,000 members.

The Financial Accounting Foundation stirred controversy among public finance groups earlier this month when it indicated the next GASB chairman will not have government service as part of his background.

The Financial Accounting Foundation abandoned its tradition of selecting a state auditor to chair the Governmental Accounting Standards Board.

GASB’s final guidance on the Replacement of Interbank Offered Rates is expected to be issued in March, giving state and municipal governments plenty of time to make adjustments before Libor is phased out by the end of 2021.

Implementation Guidance 2020 covers leases, fiduciary activities, asset retirement obligations, conduit debt obligations and amendment to parts of implementation guides issued in 2015 and 2017.

In formal comments filed with the federal government and separately to GASB, municipal finance groups have given the regulators generally high marks.

The proposed transition regulation addresses the possibility that such a modification of a debt instrument, derivative, or other financial contract could be a taxable transaction for federal income tax purposes or could result in other tax consequences.