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Government Sector Accountants: An Introduction to GASB 87 Lease Accounting

GOVERNMENT SECTOR ACCOUNTANTS: AN INTRODUCTION TO GASB 87 LEASE ACCOUNTING

This course was designed for accountants who work for Universities, school systems, airports, or any other local & state government organization
Cost Free
Presentation Length 1.0 hour

Recorded DateMarch 23, 2020
CPE:Not available
(archived webinars do not offer CPE credits)
Course LevelBasic
Course Description

'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

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PLEASE NOTE: ARCHIVED WEBINARS DO NOT QUALIFY FOR CPE
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Jason Parker is an Solutions Engineer at FinQuery. Prior to joining FinQuery, Jason worked in the audit practice at KPMG, serving clients in both the public and private sectors in a wide array of industries. Jason obtained the “Double Dawg” status at the University of Georgia, receiving both a Bachelors’s degree and a Master’s degree in Accounting. He is an active Certified Public Accountant and a current member of the AICPA.

About Our Presenter

Finquerylogo
FinQuery, formerly LeaseQuery, empowers 36,000+ professionals to optimize decisions in their top spending areas—leases, software subscriptions, and financial contracts—setting them apart in the market. Their award-winning AI-driven software minimizes risk, boosts efficiency, and cuts costs. Explore FinQuery’s Platform for contract and spend intelligence, including solutions for contract management, specialized accounting ensuring compliance with ASC 842, IFRS 16, GASB 87 and GASB 96, and software management.