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AULDIN 19 <br /> & ENKINS <br /> Comments, Recommendations, ORANGE COUNTY <br /> and Other Issues (Continued) NORTH CAROLINA <br /> ■ New GASB Pronouncements for Future Years (Continued) <br /> Statement No. 89, Accounting for Interest Cost Incurred Before the End of a Construction Period was issued in June 2018 <br /> and is effective for reporting periods beginning after December 15, 2019 (meaning June 30, 2021). However, in light of the COVID-19 <br /> Pandemic, in May 2020 the GASB issued Statement No. 95 (Postponement of the Effective Dates of Certain Authoritative Guidance) which <br /> changed the effective date of Statement No. 89 to reporting periods beginning after December 15, 2020. <br /> Statement 90, Majority Equity Interests — An Amendment of GASB's No. 14 and 61 was issued in August 2018, and is effective <br /> for reporting periods beginning after December 15, 2018 (meaning June 30, 2020). However, in light of the COVID-19 Pandemic, in May 2020 <br /> the GASB issued Statement No. 95 (Postponement of the Effective Dates of Certain Authoritative Guidance) which changed the effective date <br /> of Statement No. 90 to reporting periods beginning after December 15, 2019. <br /> Statement No. 91, Conduit Debt Obligations was issued in May 2019 and is effective for the first reporting period beginning after <br /> December 15, 2020, meaning for those with year ends of December 31, 2021 and beyond. However, in light of the COVID-19 Pandemic, in <br /> May 2020 the GASB issued Statement No. 95 (Postponement of the Effective Dates of Certain Authoritative Guidance) which changed the <br /> effective date of Statement No. 91 to reporting periods beginning after December 15, 2021. <br /> Statement No. 92, Omnibus 2020 was issued in January 2020 and is effective as follows: upon the effective date of Statement No. 87 and <br /> implementation Guide No. 2019-3, reinsurance recoveries, and terminology used to refer to derivative instruments are effective upon issuance. <br /> For fiscal years beginning after June 15, 2020, relative to the requirements related to intra-entity transfers of assets and those related to the <br /> applicability of Statements No. 73 and 74. For reporting periods beginning after June 15, 2020, relative to the requirements related to <br /> application of Statement No. 84 to postemployment benefit arrangements and those related to nonrecurring fair value measurements of assets <br /> or liabilities. For government acquisitions occurring in reporting periods beginning after June 15, 2020. The requirements related to the <br /> measurement of liabilities (and assets, if any) associated with AROs in a government acquisition. <br /> 15 <br />