GASB Statement No. 89 provides guidelines for accounting interest costs incurred before the end of a construction period to enhance financial reporting.

Unless otherwise specified, pronouncements of the GASB apply to financial reports of all state and local governmental entities, including general purpose governments; public benefit corporations and authorities; public employee retirement systems; and public utilities, hospitals and other healthcare providers, and colleges and universities.

Dec 15, 2020 · Statement No. 89. Accounting for Interest Cost Incurred before the End of a Construction Period. Issued: June 2018. Effective Date: For reporting periods beginning after December 15, 2020; Affects: Amends GASBS 34, ¶18; Supersedes GASBS 37, ¶6; Supersedes GASBS 62, ¶5–¶22, ¶395, fn1–fn7, fn173, fn174, fn193, and fn226; Amends GASBS 62 ...

Statement No. 89 Accounting for Interest Cost Incurred before the End of a Construction Period Issued June 2018. Effective Date (as amended): The requirements of this Statement are effective for reporting periods beginning after December 15, 2020. Earlier application is encouraged.

/data1/gasb/gasbs/00gasbnewstyle/gasbs89_summ Summary The objectives of this Statement are (1) to enhance the relevance and comparability of information about capital assets and the cost of borrowing for a reporting period and (2) to simplify accounting for interest cost incurred before the end of a construction period.

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The GASB establishes accounting and financial reporting standards for U.S. state and local governments that follow generally accepted accounting principles (GAAP). The Governmental Accounting Research System™ (GARS) provides access to those standards.

As resources allow, the GASB staff responds to technical inquiries about governmental accounting and financial reporting to support the uniform application of generally accepted accounting principles (GAAP).

Jul 22, 2016 · Accounting Changes and Error Corrections—an Amendment of GASB Statement No. 62. Issued: June 2022. Effective Date: For fiscal years beginning after June 15, 2023, and all reporting periods thereafter. Earlier application is encouraged. Affects: Amends GASBS 9, ¶11; Amends GASBS 14, ¶63; Amends GASBS 18, ¶14; Amends GASBS 34, ¶112 and fn21

Unless otherwise specified, pronouncements of the GASB apply to financial reports of all state and local governmental entities, including general purpose governments; public benefit corporations and authorities; public employee retirement systems; and public utilities, hospitals and other healthcare providers, and colleges and universities.