Accounting and Financial Reporting

Timely Tidbits: GASB98 and a First Peek at Leases in ACFRs

Image from December 2021 GFR

GFOA’s Certificate Program began receiving ACFRs from a few courageous governments that had implemented GASB Statement No. 87, Leases, for FYE 2019, but there were too few to recognize much in the way of patterns. With some additional governments having taken the plunge, we now have enough examples to eke out some early lessons learned. Most early implementers appear to have made the transition quite well; nonetheless, this article focuses on the few signs of trouble to help others avoid the pitfalls.