GASB Statement No. 87, Leases - Webinar
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|Field of Study||Accounting (Governmental) - Technical|
|NASBA CPE||Earn 2.00 CPE Hours|
|Government / Partner Colleagues||$ 65.00|
In June 2017, the Governmental Accounting Standards Board approved its Standard No. 87, Leases. This session will review the major accounting and financial reporting issues associated with implementing the new standard.
The standard 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 or outflows of resources based upon the payment provisions of the contract. It establishes a single model for lease accounting based upon the foundational principle that leases are financings of the right to use an underlying asset.
Standard No. 87 is effective for reporting periods beginning after December 15, 2019. However, governments are encouraged to plan and prepare well in advance of the effective date so as to ensure an orderly and effective implementation.
* Brian W. Caputo, Ph.D., C.P.A., Board Member, Governmental Accounting Standards Board and
Vice President for Administrative Affairs & Chief Financial Officer, College of DuPage
* Frederick G. Lantz, CPA, Partner in Charge, Government Services, Sikich LLP
Learning Objectives: Participants completing this session will be able to:
1. Learn how to determine the term of a lease for accounting and financial reporting purposes.
2. Understand how lessees are to account for and report leases.
3. Learn how lessors are to account for and report leases.
4. Obtain guidance on how to account for contracts with multiple components.
5. Understand how to account for lease incentives, modifications, and terminations.
6. Gain knowledge on how to account for sale-leasebacks, lease-leasebacks, intra-entity leases, and leases between related parties.
7. Learn how to apply the exclusion for short-term leases.
Intended Audience: Finance Professionals
Delivery method: Group Internet Based
Program Level: Overview
Prerequisites: No prerequisites required
Advanced Preparation: No advanced preparation required
Field of Study: Accounting (Governmental) - Technical
Earn about 1.5 CPE credit
IGFOA reserves the right to modify the agendas and/or speakers, cancel the trainings due to low enrollment, or to close registration if full.
Registration & 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.
IGFOA Members are those Public Sector and Partner or Associate individuals specifically listed in the IGFOA Membership Application or Renewal. IGFOA Government non-member rate applies to staff, appointed officials, and elected officials of a government with a current IGFOA membership. 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.
If you are unable to attend, please contact IGFOA at 630-942-6587 or firstname.lastname@example.org as soon as possible. A $20 cancellation fee will be charged for cancellations up to January 11, 2018. Cancellations after January 11, 2018 and no-shows are responsible for the full tuition.
IGFOA reserves the right to modify the agenda, cancel the event 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. By submitting this registration, the applicant agrees to the registration and cancellation policy above.
Approved by the National Registry of CPE Sponsors
CPE Registry Illinois Government Finance Officers Association (IGFOA) 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.