Understand the GASB 87 lease accounting requirements.
The lease accounting requirements of GASB 87 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 is very significant for most governments and should be addressed. This course will enable you to not only understand the scope of the requirements but also be able to explain and interpret the lease accounting information that will be provided in the financial statements.
Learning Objectives
- You will be able to recognize how GASB 87 defines a lease.
- You will be able to identify the lease term using GASB 87.
- You will be able to recognize lease accounting requirements for lessees under GASB 87.
- You will be able to recognize lease accounting requirements for lessors under GASB 87.
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Over 38 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 38 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 Course
This course was last reviewed on May 29, 2024.
Call 1-866-352-9540 for further credit information.
No Credit AvailableThis program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 38 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
- Managing director with CBIZ Marks Paneth, part of a Top Ten accounting firm
- Author of CCH’s Knowledge-Based Audits of Not-for-Profit Organizations; Wiley’s Not-for-Profit Accounting Made Easy; and Not-for-Profit Audit Committee Best Practices
- Former assistant comptroller of accounting for the city of New York, with overall responsibility for the city’s accounting and financial reporting
- Served numerous public sector not-for-profit and government audit clients earlier in his career with KPMG and Deloitte & Touche
- Former board member and chair of the audit committee of the New York State Society of CPAs
- Appears quarterly as the government specialist on the CPA report distributed by SmartPros
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Why Lorman?
Over 38 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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