Basic understanding of governmental generally accepted accounting principles.
Those responsible for the oversight, accounting, and financial reporting for government contracts; as well as auditors of governmental financial reports.
Governmental Accounting Standards Board (GASB) Statement No. 87, Leases, will become effective for reporting periods beginning after December 15, 2019. GASB’s new Implementation Guide addresses many issues identified by GASB’s stakeholders in implementing GASB 87.
This 2-hour internet training is designed to educate participants on the additional guidance provided by the GASB in the form of questions and answers on a variety of lease topics including:
All topics will incorporate GASB’s new implementation guidance on leases
- Scope and applicability;
- Determining the lease term;
- Contracts that transfer ownership;
- Recognition and measurement by both the lessees and the lessors;
- Variations on lease contracts; and
- Effective date and transition.
- Understand the scope of GASB 87 and when the requirements of the Standard would apply.
- Distinguish the lease term for GASB 87 reporting purposes.
- Determine the recognition and measurement of the lease financial statement elements from the lessee’s perspective and the lessor’s perspective.
- Understand the variations on lease contracts.
- Be able to apply GASB’s new implementation guidance for leases