Overview
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 points-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.
Prerequisites
None
Objectives
- Define a lease per GASB 87
- Prepare journal entries for lessee and lessor accounting compliant with GASB 87
Highlights
- GASB Statement 87
- Financial Reporting
