Description
Understand the new GASB 87 lease accounting requirements.The new lease accounting requirements of GASB 87 have a significant impact on the financial statements of virtually every government that is a party to a lease agreement. Preparers, users, and auditors of governmental financial statements need to understand these requirements as the effort required for implementation is very significant for most governments and should be addressed. This course will enable you to not only understand the scope of the new requirements but also be able to explain and interpret the new lease accounting information that will be provided in the financial statements.
Date: 2022-07-20 Start Time: End Time:
Learning Objectives
Overview of the New GASB 87 Lease Accounting Requirements
• Major Differences With Current GASB Requirements
• How Do the Requirements Compare With the New FASB Lease Standard?
• Effective Date
How Does GASB 87 Define a Lease?
• Types of Agreements Within the Scope of GASB 87
• Types of Agreements Outside the Scope of GASB 87
Determining the Least Term
• Consideration of Lease Extension Options
• Consideration of Lease Termination Options
• Fiscal Funding Clauses
• Rules for Short-Term Leases
Lease Accounting for Lessees
• Measurement and Recognition of Lease Liability
• Accounting for the Right to Use Asset
• Disclosure Requirements
Lease Accounting for Lessors
• Measurement and Recognition of a Lease Receivable
• Accounting for the Deferred Inflow of Resources
• Accounting for the Underlying Leased Asset
• Disclosure Requirements
Warren Ruppel, CPA-Marks Paneth LLP
