Chicago Metro Chapter Lunch and Learn - GASB Statement No. 87

Presented by the Chicago metro chapter

Chicago metro chapter

Wednesday, October 16, 2019, 11:00 AM–1:00 PM

Location

Village of Elk Grove Village
901 Wellington Ave
Elk Grove VillageIL 60007

Map and directions

  • Members $ 20.00 Before Oct 15, 2019 Members $ 20.00
  • Government / Partner Colleagues $ 20.00 Before Oct 15, 2019 Government / Partner Colleagues $ 20.00
  • Non-members $ 25.00 Before Oct 15, 2019 Non-members $ 25.00

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Description

GASB Statement No. 87 Agenda:

  • 11:00 AM-11:30 AM: Registration and Check-in
  • 11:30 AM-12:30 PM: Presentation
  • 12:30 PM-1:00 PM: Lunch

The objective of this Statement is to better meet the information needs of financial statement users by improving accounting and financial reporting for leases by governments. This Statement increases the usefulness of governments’ financial statements by requiring recognition of certain lease assets and liabilities for leases that previously were classified as operating leases and recognized as inflows of resources or outflows of resources based on the payment provisions of the contract. It establishes a single model for lease accounting based on the foundational principle that leases are financings of the right to use an underlying asset. Under this Statement, a lessee is required to recognize a lease liability and an intangible right-to-use lease asset, and a lessor is required to recognize a lease receivable and a deferred inflow of resources, thereby enhancing the relevance and consistency of information about governments’ leasing activities. 

Speakers:
Jamie Wilkey, Audit Technical Partner at Lauterbach & Amen, LLP
Timothy Gavin, CPA, Lauterbach & Amen, LLP

Learning Objectives – Paticipants completing this session will be able to: 

  1. Define what a lease is under the new standard
  2. Understand how a governments’ current leases will be accounted for and reported on under the new standard
  3. Understand how to properly disclose lease activity under the new standard

Intended Audience: Finance Professionals
Delivery method: Group Live
Program Level: Overview
Prerequisites: No prerequisites required 
Advanced Preparation: No advanced preparation required
Field of Study: Accounting (Governmental)-Technical
Earn about 1.00 CPE credit

CPE hours: 1.00

For more information

Anthony Fashoda
Anthony.Fashoda@hoffmanestates.org

Registration and cancellation policy

Registrations are accepted on a first-in, first registered basis. Payments by check should be mailed in advance or made at time of registration by credit card. 

Cancellation of an event registration is subject to the following policy:
• No refunds will be given for cancellations the day of the event and no shows.
• For IGFOA event registration cancellations five (5) business days or more prior to an event, refunds will be offset by a $20 cancellation fee. 
• For IGFOA event registration cancellations within five (5) business days of the training, refunds will be offset by a cancellation fee of 50% of the registration fee.
• A substitute attendee may be designated provided that the payment has been made and the IGFOA office has been notified in advance.
• Cancellation policy for chapter events may differ from this policy at the chapters’ discretion. 
• A written request for a refund must be emailed to the IGFOA prior to the event.

By submitting this registration, the applicant agrees to the registration and cancellation policy above.

IGFOA reserves the right to modify the agenda and/or speakers, cancel the training due to low enrollment, or to close registration if full.   Should IGFOA cancel an event, cancellation notice will be sent to the email address provided by each registrant and prominently posted at the IGFOA website page announcing the event.

If you have questions about your membership, contact IGFOA at 630-942-6587. The IGFOA reserves the right to apply the non-member fee to any individual or government that has not paid dues for the current year.

Approved by the National Registry of CPE Sponsors

CPE RegistryIllinois Government Finance Officers Association is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State Boards of Accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

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