Governmental Accounting and Auditing Update: GASB-87, Leases: An Overview for Lessees and Lessors

Author: Eric S. Berman

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