K04 – GASB 87: Are You Ready? (LIVESTREAM) (LIAA92/21)
The GASB Leases standard was delayed but will be effective soon. Find out what you need to know to implement this standard efficiently and effectively. Government leases are getting an overhaul. GASB Statement 87 was issued in 2017 and provides an update on the proper accounting for leases from both the lessee and lessor point of view. This course will help attendees understand the nuances of the updated definition of a lease as well as other significant changes to terminology. Attendees will discuss the impact of the changes to financial reporting as well as the key challenges that governments and auditors will need to consider to properly implement the new standard. This interactive course includes the preparation of journal entries to assist in understanding impact.
Those employed by governmental entities as well as their auditors
- Define a lease per GASB 87
- Prepare journal entries for lessee and lessor accounting compliant with GASB 87
Key focus areas include:
- Identifying leases,
- Recognition and Measurement Guidance
This event is brought to you as part of Spring Splash.