Key GASB Matters Related To COVID-19 - Brown Edwards

APRIL 16, 2020

We hope this communication finds you, your organization, and your family well as we continue to navigate these unprecedented times. It is our goal to keep you up to date on key matters related to the COVID-19 pandemic and its impacts on state and local governments.

First, the Governmental Accounting Standards Board (GASB) has issued an Exposure Draft, Postponement of the Effective Dates of Certain Authoritative Guidance (ED), in response to requests from many stakeholders. If issued in final form, the ED’s provisions would permit governments to delay implementation of:

• Authoritative pronouncements through Statement 93, Replacement of Interbank Offered Rates, and
• Implementation Guide No. 2019-3, Leases—that first became effective or those scheduled to become effective for periods beginning after June 15, 2018, and

Comments are due by April 30, 2020 and would anticipate the guidance becoming official shortly thereafter. The ED is found on GASB’s website at:

• https://www.gasb.org/cs/Satellite?c=Document_C&cid=1176174483475&pagename=GASB%2F Document_C%2FDocumentPage

In addition, both the GASB and the Government Finance Officers Association (GFOA) continue to compile resources for governments to refer to during this crisis. Those resources are available at links below:

• GASB Emergency Toolkit – https://www.gasb.org/cs/Satellite?c=Page&cid=1176174469582&pagename=GASB%2FPage%2F GASB%2FSectionPage
• GFOA Resource Center for Coronavirus Response – https://www.gfoa.org/gfoa-resource-center- coronavirus-response
• GFOA Fiscal First Aid Resource Center – https://www.gfoa.org/fiscal-first-aid
• GFOA FEMA Procurement Webinar – https://www.gfoa.org/procurements-under-fema-awards- during-periods-emergency-or-exigency
• GFOA Coronavirus Relief Fund Member Alert – https://www.gfoa.org/member-alert- coronavirus-relief-fund
• GFOA Guidance for COVID-19 Debt Service and Disclosures – https://www.gfoa.org/gfoa-debt- committee-releases-urgent-member-guidance-covid-19-debt-service-and-disclosures

As always, please let Brown Edwards know if we can be of any assistance to you or your organization.