'An Introduction to GASB 87 Lease Accounting' will provide an initial comparison between GASB 87 and the standards that previously governed lease accounting for state and local governments. The course will provide details on certain asset types and contracts that may be scoped out of the new standard requirements. The second-half of the presentation will cover an example of implementing the new lease guidance from the perspective of both a lessee and lessor. The examples will include amortization schedules and journal entries. Lastly, we will compare disclosure requirements under the legacy and GASB 87 guidance for both lessees and lessors.
 
Course Objectives:

• Current State of Lease Accounting - the legacy GASB standards and some of the basics that change at the transition to GASB 87


• Scoping Considerations - both for assets being scoped out and types of agreements


• Financial Statement Impact - An example of both a lessee and lessor lease, with an amortization schedule and JEs


• Disclosure Requirements - Both for legacy GASB and GASB 87 lessee and lessor