GASB 87: A Detailed Example of Applying the New Lease Accounting Standard

Course Details

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Course Description

GASB 87 addresses the recognition, measurement, and disclosure of leases for state and local governments, and establishes a single model for lease accounting based on the principle that leases are financings of the right to use an underlying asset.

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. 

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. In this live webinar, LeaseQuery’s lease accounting experts will cover : 

  • A walk through a comprehensive example of the new governmental lease standard in action
  • A broad understanding of the new guidance
  • Knowledge of key terms in new standard

Successful implementation of the standard comes down to the proper application of the concepts.  This end-to-end example will begin with lease commencement and walk through subsequent journal entries for both lessees and lessors.

Learning objectives

  • To learn how to apply lease accounting concepts (e.g. key dates, renewal options, discount rates) to a specific lease example.
  • To understand the impact of payment components within a lease contract
  • To Calculate lease assets, liabilities, revenue (interest) and expense (interest, depreciation/amortization) for lessees and lessors
  • To learn how to Book initial and subsequent journal entries for both lessees and lessors under GASB 87 requirements

About Presenter

Jason Parker

Technical Accounting Manager, LeaseQuery, LLC

jason.parker@leasequery.com

Jason Parker is  Technical Accounting Manager at LeaseQuery with a demonstrated history of working in the accounting field. Multiple years of audit experience, in addition to my current role, has allowed me to develop skills in communication, teamwork, leadership, in addition to GAAP and IFRS technical accounting topics. Strong accounting professional with a Master’s Degree [Audit focus] and BBA in Accounting from The University of Georgia. 

LeaseQuery is a lease accounting software purpose built by accountants to enable compliance with accounting standards from the FASB, IASB and GASB.  LeaseQuery helps more than 10,000 accountants and other finance professionals with lease accounting through compliance and beyond. From reporting to journal entries, our CPA-approved, cloud-based solution simplifies lease accounting and facilitates compliance for organizations across all sectors.  It is the first lease accounting software built by accountants for accountants. By providing specialized consulting services in addition to its software solution, LeaseQuery facilitates compliance with the most comprehensive regulatory reform in 40 years for businesses across all sectors.  

About Co-Presenter

Kiley Arnold, CPA

Accounting Manager,LeaseQuery, LLC

kiley.arnold@leasequery.com

Kiley Arnold is an Accounting Manager at LeaseQuery. She started her career as an auditor at Arthur Andersen and became a CPA certified in the state of Georgia. From there, she moved into a Senior Accountant role and later served as an Assistant Controller in companies across multiple industries including healthcare, transportation, media, and manufacturing. In her most recent role, Kiley led the IFRS 16 implementation team for a global manufacturing company. Kiley holds a Bachelor's degree in Accounting from Oglethorpe University. 

LeaseQuery is a lease accounting software purpose built by accountants to enable compliance with accounting standards from the FASB, IASB and GASB.  LeaseQuery helps more than 10,000 accountants and other finance professionals with lease accounting through compliance and beyond. From reporting to journal entries, our CPA-approved, cloud-based solution simplifies lease accounting and facilitates compliance for organizations across all sectors.  It is the first lease accounting software built by accountants for accountants. By providing specialized consulting services in addition to its software solution, LeaseQuery facilitates compliance with the most comprehensive regulatory reform in 40 years for businesses across all sectors.  

FAQ

  • To receive CPE credit for the event, you must register for the webcast prior to the start of each program.
  • CPE is available to all eligible participants within 24 hours of each webinar.
  • You must attend complete webinar and respond to all polling questions asked during the webinar. CPE is issued on 50 minute credit hour basis.
  • This event may be a recorded rebroadcast of a live event done in past and the instructor will be available to answer your questions during/after the webinar.
  • If you are Canadian Chartered Professional Accountant (CPA) many of our courses qualifies for your verifiable CPD requirements you will get your certificate for the program. You can check a tab of “Webinar Qualifies for” for the same.However please do verify with respective regulatory body about the eligibility for the same.
  • Many of our courses are approved by “CFP Board” for CE credits of certified financial Planner(CFP). Please check a tab of “Webinar Qualifies for” to verify whether webinar qualifies for CE credits for CFP or not.

Refund/Cancellation Policy

For more information regarding refund, complaint and program cancellation policies, please contact our offices at 646-688-5128

In case any of the course or live webinars gets cancelled we would be refunding you the entire amount (if paid).

NASBA Approved

MY-CPE LLC, 1600 Highway 6 South, Suite 250, Sugar Land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

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  • Cost FREE
  • CPE Credits 1
  • Subject Area Accounting (Governmental)
  • Course Level Basic
  • Instructional Method group internet based
  • Prerequisites None
  • Advanced Preparation None
  • Who should attend? Finance Pros Bookkeeper Accountant CFO/Controller CPA - Small Firm CPA - Mid Size Firm Accounting Firm CPA (Industry) Young CPA Entrepreneurial CPA Accounting Practice Owners Finance Director Senior Accountant Accounts Director VP Finance Chief Accounting Officer Entrepreneurial Accountant Accounting Managers
  • Handout Material Download

upcoming Live CPE Webinars

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Friday, September 18, 2020 | 10:00 AM EDT View Details/Register
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Monday, September 21, 2020 | 09:00 AM EDT View Details/Register
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