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An Introduction to GASB 87 Lease Accounting

4.4 (32)

Amanda Payne, Masters (Accountancy)

LeaseQuery, LLC

Tuesday, March 10, 2020 | 01:00 PM EDT

  • CPA

1 Credit

FREE

Subject Area

Accounting (Govt.)

Upcoming Webinars

Course Description

The new lease accounting requirements of GASB 87 will 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 will be very significant for most governments and should be planned for now.

An introduction to GASB 87 Lease Accounting will provide an initial comparison between GASB 87 and the standards that previously governed lease accounting for state and local governments. The webinar will provide details on certain asset types and contracts that may be scoped out of the new standard requirements. 

Major Topic Covered :

  • Comparision of New & Old GASB standards.
  • Example of implementing the new lease guidance from the perspective of both a lessee and lessore.
  • Amortization schedules and journal entries
  • Comparing disclosure requirements under the legacy and GASB 87 guidance for both lessees and lessors.

This webinar will enable you to not only understand the scope of the new requirements, but also to be able to explain and interpret the new lease accounting information that will be provided in the financial statements.

Learning Objectives

  • To learn about the current State of Lease Accounting, the legacy GASB standards and some of the basics that change at transition to GASB 87
  • To understand the Scoping Considerations - both for assets being scoped out and types of agreements
  • To learn about Financial Statement Impact with an example of both a lessee and lessor lease, with an amortization schedule and JEs
  • To learn about the disclosure requirements - Both for legacy GASB and GASB 87 lessee and lessor.

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Accounting Managers
  • Accounting Practice Owners
  • Accounts Director
  • Chief Accounting Officer
  • Cloud Accountants
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Finance Director
  • Finance Pros
  • VP Finance

Testimonial

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    [no_of_record] => 32
    [average] => 4.4063
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4.4

(32)
56%
31%
9%
3%
0%

PC

Very informative, giving current information on GASB in the industry which definitely going to help me to help my clients.