Accounting Delays

For information regarding the December 31, 2019 Year End Annual Report Filing Deadline, visit our COVID-19 Accounting and Reporting page.

See below for impacts to both Cash and GAAP Basis of Accounting and Reporting:

Due to COVID-19's effect on local governments certain accounting and reporting standards and requirements have been delayed, beginning with Fiscal Year 2019 requirements. Since these delays occurred after the January 2020 BARS manual updates were completed, the delays were not represented in the manuals for Fiscal Year 2019.

We encourage governments that have already begun the implementation process for these standards to continue to fully implement and report these standards. If you choose to delay implementation of a standard please see below.

As a reminder there cannot be partial implementation of a standard (for example: reporting the note disclosure for Asset Retirement Obligations, but not the liability).

All other January 2020 BARS updates for Fiscal Year 2019 not included below must be implemented.

Cash Quick Links Choose to: Choose to:
Certain Asset Retirement Obligations Implement Delay
Fiduciary Activities Implement Delay
Future Cash BARS Updates N/A N/A
GAAP Quick Links Choose to: Choose to:
GASB 83 – Certain Asset Retirement Obligations Implement Delay
GASB 84 – Fiduciary Activities & Implementation Guide 2019-2 Implement Delay
GASB 88 – Certain Disclosures Related to Debt, including Direct Borrowings and Direct Placements Implement Delay
GASB 89 – Accounting for Interest Cost Incurred before the End of a Construction Period Implement Delay
Future GAAP BARS Updates N/A N/A

CASH Basis

Certain Asset Retirement Obligations

(Original BARS Implementation 2019, New BARS Implementation 2020)

A liability and note disclosure are required if an additional obligation was tied to the retirement of an asset.

Implement:

If a government chooses to implement please see the following sections in the BARS Cash manual:

  • 3.4.18 – Environmental and Certain Asset Retirement Liabilities
  • Note X – Environmental and Certain Asset Retirement Liabilities
Delay:

If a government chooses to delay please see the following portions of the BARS Cash manual (Delayed Implementation of Asset Retirement Obligations BARS)

Fiduciary Activities

(Original BARS Implementation 2019, New BARS Implementation 2020)

Created a uniformed definition of fiduciary activities and required governments to evaluate activities currently reported under fiduciary funds.

Implement:

If a government chooses to implement please see the following sections in the BARS Cash manual:

  • 3.1.7.50 – Fund Types and Accounting Principles
  • 4.3.13 – Fiduciary Fund Resources and Uses Arising from Cash Transaction (C-5)
Delay:

If a government chooses to delay please see the following portions of the BARS Cash manual (Delayed Implementation of Fiduciary Activities BARS)

GAAP Basis

On May 8, 2020, the GASB issued GASB Statement No. 95 – Postponement of the Effective Dates of Certain Authoritative Guidance, which is intended to provide relief to governments and other stakeholders in light of the COVID-19 pandemic.

GASB 83 – Certain Asset Retirement Obligations

 
(Original Implementation 2019, New Implementation 2020)

A liability and note disclosure are required if an additional obligation was tied to the retirement of an asset.

Implement:

If a government chooses to implement please see the following sections in the BARS GAAP manual (Note X – Asset Retirement Obligations)

Delay:

If a government chooses to delay there is no previous section in the BARS GAAP manual.

GASB 84 – Fiduciary Activities & Implementation Guide 2019-2

 
(Original Implementation 2019, New Implementation 2020)

Created a uniformed definition of fiduciary activities and required governments to evaluate activities currently reported under fiduciary funds.

Implement:

If a government chooses to implement please see the following sections in the BARS GAAP manual:

Delay:

If a government chooses to delay please see the following portions of the BARS GAAP manual (Delayed Implementation of GASB 84 BARS)

 

GASB 88 – Certain Disclosures Related to Debt, including Direct Borrowings and Direct Placements

 
(Original Implementation 2019, New Implementation 2020)

Requires information about direct and indirect borrowing, unused lines of credit, assets pledged as collateral for debt and termination and default consequences.

Implement:

If a government chooses to implement please see the following section in the BARS GAAP manual (Note X – Long-term Debt)

Delay:

If a government chooses to delay please see the following portions of the BARS GAAP manual (Delayed Implementation of GASB 88 BARS)

 

GASB 89 – Accounting for Interest Cost Incurred before the End of a Construction Period

 
(Original Implementation 2020, New Implementation 2021)

Created requirements for accounting for interest cost incurred before the end of a construction period.

Implement:

If a government chooses to implement please see the following sections in the BARS GAAP manual:

  • 3.3.10.50 – Capital Asset Accounting
  • 3.4.6 – Arbitrage Rebates
  • 4.5.100 – Cash Flow Statement
  • Note 1 – Summary of Significant Accounting Policies – E7
  • Note X – Capital Assets
Delay:

If a government chooses to delay please see the following portions of the BARS GAAP manual (Delayed Implementation of GASB 89 BARS)

CASH Future BARS Updates

The State Auditor's Office is reviewing changes to accounting and reporting for cash basis governments. These changes are not included in the current 2020 Cash Basis BARS manual.

To find out more information about the upcoming changes please see the Looking Forward to Cash and Leases project pages.

GAAP Future BARS Updates

The following postponed GASB standards have not been implemented in BARS as of January 2020, but may affect future BARS updates. Earlier application is encouraged and permitted to the extent specified in each pronouncement as originally issued. Partial implementation of standards is not permitted.

  • GASB 92, Omnibus.Paragraphs 6, 7, 8, 9, 10, and 12 only.
    • Originally effective for years ending 6/30/2021 and after.
    • Now effective for years ending 06/30/2022 and after.
  • Implementation Guide 2017-3. Paragraph 7 only.
    • Originally effective for OPEB actuarial valuations as of 12/15/2017 or later.
    • Now effective for OPEB actuarial valuations as of 12/15/2018 or later.
  • Implementation Guide 2017-3.Paragraph 8 only.
    • Originally effective for OPEB measurement dates as of 6/15/2018 or later.
    • Now effective for OPEB measurement dates as of 6/15/2019 or later.

Questions?

Please contact the SAO via the HelpDesk for assistance.