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
Instructor
Eric S. Berman
Eric S. Berman, MSA, CPA, CGMA, has over 30 years of governmental accounting and auditing experience. Until he retires from the firm on April 30, 2025, he serves as a Government Advisory Services Partner with Eide Bailly LLP. Before Eide Bailly LLP, he was a quality control principal with a public accounting firm in California.
Eric is the author of the Governmental Library for preparers for CCH. The Government Library also offers in-depth, interpretive guidance. In addition to the Governmental GAAP Guide, users can access CCH’s Governmental GAAP Practice and Disclosures Manual and the Governmental GAAP Update Service.
Eric’s public-sector experience includes being a Deputy Comptroller for the Commonwealth of Massachusetts from 1999 to 2010, and the Chief Financial Officer of the Massachusetts Water Pollution Abatement Trust from 1994 to 1999. Eric is a licensed CPA in Massachusetts. He obtained an M.S. in Accountancy from Bentley University. Eric currently serves on the Association of Government Accountants (AGA)’s Financial Management Standards Board (FMSB). Eric is also a past National Treasurer of AGA, serving from July 1, 2022, to June 30, 2023. He also recently co-chaired AGA’s leadership development committee and served on the finance and budget committee. Eric previously represented the AGA as the Vice Chairman of the Government Accounting Standards Advisory Council to the GASB. He also chaired the AGA’s Audit Committee and previously, the FMSB. He was also a previous chair of the American Institute of Certified Public Accountants (AICPA’s) Governmental Performance and Accountability Committee and is a former member of the AICPA’s State and Local Government Expert Panel. Eric was a member of the GASB’s task force reexamining the state and local governmental financial reporting model and has served on previous GASB task forces and working groups assisting in developing and implementing standards.
Eric is also a past member of the California Society of CPAs' Governmental Accounting and Auditing Committee and is past chair of the same committee for the Massachusetts Society of CPAs. He was also the founder and treasurer of a not-for-profit performing arts organization in Pennsylvania. Eric is frequently called upon to consult and train state and local governments throughout the country on governmental accounting and auditing. Eric shuttles between Massachusetts and Washington, DC.
Eric is also a past member of the California Society of CPAs’ Governmental Accounting and Auditing Committee and is past chair of the same committee for the Massachusetts Society of CPAs. He was also the founder and treasurer of a not-for-profit performing arts organization in Pennsylvania. Eric is frequently called upon to consult and train state and local governments throughout the country on governmental accounting and auditing.