Governmental Accounting and Auditing Update: GASB-87, Leases: An Overview for Lessees and Lessors
Author: Eric S. Berman
| CPE Credit: |
2 hours for CPAs |
States and Local Governments are beginning to implement GASB Statement No. 87, Leases. GASB-87 is among the more difficult GASB Standards to implement in recent memory. Hear the basics of GASB-87 for lessees and lessors, as well as implementation tips for all sized governments.
Publication Date: March 2022
Designed For
Preparers of state and local government annual financial reports.
Topics Covered
- Basic provisions of GASB-87 for lessees and lessors
- Recognition and measurement provisions for lessees and lessors
- Modifications, terminations, and other provisions
- Presentation and disclosure
- Implementation provisions
Learning Objectives
- Identify the basics of GASB-87
- Recognize the differences in recognition and measurement of leases for lessees and lessors
- Identify how to have a plan to implement GASB-87
- Recognize whem a lessee will record an intangible asset for the right to use the underlying asset and a liability for future payments consisting
- Differentiate types of lessor lease classification is often the result of a three-party lease commonly used with conduit debt
- Identify the first step in identifying lease components
- Recognize in which situations disclosures would not be limited
Level
Update
Instructional Method
Self-Study
NASBA Field of Study
Accounting (Governmental) (1 hour), Auditing (Governmental) (1 hour)
Program Prerequisites
Basic Knowledge of GAAP for state and local governments.
Advance Preparation
None
