Understand the new GASB 87 lease accounting requirements and how it differs from current GASB requirements.
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 topic 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.
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Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
Overview of the New GASB 87 Lease Accounting Requirements
- Major Differences With Current GASB Requirements
- How Do the Requirements Compare With the New FASB Lease Standard?
- Effective Date
How Does GASB 87 Define a Lease?
- Types of Agreements Within the Scope of GASB 87
- Types of Agreements Outside the Scope of GASB 87
Determining the Least Term
- Consideration of Lease Extension Options
- Consideration of Lease Termination Options
- Fiscal Funding Clauses
- Rules for Short Term Leases
Lease Accounting for Lessees
- Measurement and Recognition of Lease Liability
- Accounting for the Right to Use Asset
- Disclosure Requirements
Lease Accounting for Lessors
- Measurement and Recognition of a Lease Receivable
- Accounting for the Deferred Inflow of Resources
- Accounting for the Underlying Leased Asset
- Disclosure Requirements
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Why Lorman?
Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Webinar
This course was last revised on July 25, 2019.
Call 1-866-352-9540 for further credit information.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
Audio & Reference Manual
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
MP3 Download
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Warren Ruppel, CPA
Marks Paneth LLP
- Partner in the nonprofit and government services group at Marks Paneth LLP, a mid-sized accounting firm based in New York, and practice leader for government services
- Formerly the assistant comptroller of accounting for the city of New York, with overall responsibility for the city’s accounting and financial reporting, including its implementation of GASB 34
- Earlier in his career with KPMG and Deloitte & Touche, serving numerous government audit clients
- Written several books, including Wiley’s GAAP for Governments and Government Accounting Made Easy
- Member of the Accounting and Auditing Committee of the New York State Government Finance Officers Association
- Member of the AICPA’s Technical Issues Committee’s subgroup for governmental accounting matters
- Member of the Special Review Committee of the national Government Finance Officers Association
- Appears quarterly as the government specialist on the CPA Report distributed by SmartPros
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Why Lorman?
Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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