May 11, 2022
1-3 p.m. ET
May 12, 2022
1-3 p.m. ET
- Field of Study: Accounting (governmental)
- Credits: 4.00
- Prerequisite: Basic understanding of GAAP principles and the completion of Basic Accounting for leases webinar
This two-session webinar will focus on the accounting and financial reporting for variations to lease contracts under Governmental Accounting Standards Board (GASB) Statement No. 87, Leases. We will walk through several examples of lease contracts and discuss the calculations and financial reporting for each variation. Finally, we will discuss some of the more common errors seen in Annual Comprehensive Financial Reports from governments that have early implemented the new lease guidance.
Who Will Benefit: Those responsible for the oversight, accounting, and financial reporting for government contracts.
- Those who successfully complete this seminar should be able to calculate the lease assets and liabilities, and prepare the required journal entries to record the following, from the point of view of lessee and lessor governments:
- Reassessment of the lease term and remeasurement of the assets and liabilities
- Contracts with multiple components
- Contract combinations
- Lease modifications and terminations
- Subleases and leaseback transactions
- Leases within the financial reporting entity
- Leases between related parties.
- Preexisting leases upon implementation of GASB 87.
- Member Price: $140.00
- Non-member Price: $280.00