Simplifying Leases with GASB 87 and GASB 97 1 Credit
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GASB 87 (Accounting Standard for leases) and GASB 96 (Accounting Standard for subscription-based information technology arrangements) are similar, yet very different.
After GASB 87 went into effect, it required government entities to report both the lease liability and assets on the Statement of Financial Position. GASB 96 instead requires government entities to report subscription liabilities and assets. Both share the characteristic of further complicating lease accounting in the name of financial clarity.
When considering these two specific GASB standards from an auditing perspective, it's essential to examine potential discrepancies between GASB 96 and GASB 87 lease spreadsheets. Discover the nuanced distinctions and critical points of concern related to these standards by participating in this CPE Course dedicated to exploring GASB 96 and GASB 87.
This CPE Course is designed to provide valuable insights for auditors and auditees alike. Delve into significant implementation challenges and crucial auditor considerations surrounding GASB standards, including practical tips on GASB's SBITA standards and their similarities with GASB’s lease standard. Explore auditing considerations for SBITA assets, liabilities, and other pertinent financial statement items, and discover helpful strategies for auditors to develop effective and efficient audit approaches.
Key topics covered:
Join the course to gain a comprehensive understanding of recent standards, including GASB 87 and GASB 96, and to develop practical solutions to common challenges.
| License details | Credits | Status |
|---|---|---|
| Auditing (Govt.) for Certified Public Accountants (CPA-US) | 1 CPE | Approved |
| Certified Internal Auditors (CIA) | 1 CPE | Eligible |
| Auditing (Govt.) for Delaware Licensed Public Accountant (DE-LPA) | 1 CPE | Eligible |
| Certified Government Financial Manager (CGFM) | 1 CPE | Eligible |
| Internal Audit Practitioner (IAP) | 1 CPE | Eligible |
| Auditing for Certified Internal Controls Auditor (CICA) | 1 CPE | Eligible |
| Qualification in Internal Audit Leadership (QIAL) | 1 CPE | Eligible |
| Auditing (Govt.) for Iowa Licensed Public Accountant (IA-LPA) | 1 CPE | Eligible |
| Auditing (Govt.) for Maine Licensed Public Accountant (ME-LPA) | 1 CPE | Eligible |
| Certified Government Auditing Professional (CGAP) | 1 CPE | Eligible |
| Auditing for Certified Controls Specialist (CCS) | 1 CPE | Eligible |
| License details | Credits | Status |
|---|---|---|
| Auditing (Govt.) for Certified Public Accountants (CPA-US) | 1 CPE | Approved |
| Internal Auditing for Certified Internal Auditors (CIA) | 1 CPE | Eligible |
| Auditing (Govt.) for Delaware Licensed Public Accountant (DE-LPA) | 1 CPE | Eligible |
| Auditing for Certified Government Financial Manager (CGFM) | 1 CPE | Eligible |
| Auditing for Internal Audit Practitioner (IAP) | 1 CPE | Eligible |
| Auditing for Certified Internal Controls Auditor (CICA) | 1 CPE | Eligible |
| Auditing for Qualification in Internal Audit Leadership (QIAL) | 1 CPE | Eligible |
| Auditing (Govt.) for Iowa Licensed Public Accountant (IA-LPA) | 1 CPE | Eligible |
| Auditing (Govt.) for Maine Licensed Public Accountant (ME-LPA) | 1 CPE | Eligible |
| Auditing for Certified Government Auditing Professional (CGAP) | 1 CPE | Eligible |
| Auditing for Certified Controls Specialist (CCS) | 1 CPE | Eligible |
Credit
Course Level
Instructional Method
Pre-requisites
Advance Preparation
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Shea Boothe holds a CPA license in the State of West Virginia. He also holds a Professional in Human Resources (PHR) certification. He holds a Master of Professional Accountancy from West Virginia University and an Executive Certificate in Business Administration from Liberty University. His undergraduate degree is in Business Administration from Concord University.
Shea currently is the Controller of a public 4-year university, where he prepares the financial statements and manages budgetary control. Previously roles include Budget Director, Assistant Controller, and Payroll Manager. He has also taught courses at the collegiate level.
He is an active member of the West Virginia Society of CPAs and the treasurer of the Concord University Alumni Association. Shea is also 10-year volunteer of the IRS’s Volunteer Income Tax Assistance (VITA) program, helping prepare tax returns for underprivileged individuals.
Shea’s professional interests and expertise include GASB accounting and the intersection of technology and accounting. He is passionate about sharing knowledge with others and developing efficient and effective processes.
In his free time, Shea enjoys traveling to multiple beaches along the eastern seaboard. He also enjoys spending time with his nephews and his pet cat.
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We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.
JK
It was the exact course i needed! Thanks!
BD
The "Simplifying Leases with GASB 87 and GASB 97" course provides a clear and comprehensive overview of the latest standards related to lease accounting. It effectively breaks down the complexities of GASB 87 and GASB 97, offering practical insights into how organizations can navigate these standards. The course enhances understanding of key concepts, such as the recognition of lease liabilities and right-of-use assets, and provides useful strategies for implementation. Overall, it is a valuable resource for professionals looking to ensure compliance and optimize lease reporting processes.
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