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DESCRIPTION:In June 2017\, the Governmental Accounting Standards Board appr
 oved its Standard No. 87\, Leases.  This session will review the major acc
 ounting and financial reporting issues associated with implementing the ne
 w standard.  The standard increases the usefulness of governments’ financi
 al statements by requiring recognition of certain lease assets and liabili
 ties for leases that previously were classified as operating leases and re
 cognized as inflows or outflows of resources based upon the payment provis
 ions of the contract.  It establishes a single model for lease accounting 
 based upon the foundational principle that leases are financings of the ri
 ght to use an underlying asset.  Standard No. 87 is effective for reportin
 g periods beginning after December 15\, 2019.  However\, governments are e
 ncouraged to plan and prepare well in advance of the effective date so as 
 to ensure an orderly and effective implementation.\nINSTRUCTORS: * Brian W
 . Caputo\, Ph.D.\, C.P.A.\, Board Member\, Governmental Accounting Standar
 ds Board and Vice President for Administrative Affairs & Chief Financial O
 fficer\, College of DuPage* Frederick G. Lantz\, CPA\, Partner in Charge\,
  Government Services\, Sikich LLP\nLearning Objectives: Participants compl
 eting 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 l
 essees are to account for and report leases.3. Learn how lessors are to ac
 count for and report leases.4. Obtain guidance on how to account for contr
 acts with multiple components.5. Understand how to account for lease incen
 tives\, modifications\, and terminations.6. Gain knowledge on how to accou
 nt for sale-leasebacks\, lease-leasebacks\, intra-entity leases\, and leas
 es between related parties.7. Learn how to apply the exclusion for short-t
 erm leases.Intended Audience: Finance ProfessionalsDelivery method: Group 
 Internet BasedProgram Level: OverviewPrerequisites: No prerequisites requi
 red Advanced Preparation: No advanced preparation requiredField of Study: 
 Accounting (Governmental) - TechnicalEarn about 1.5 CPE creditIGFOA reserv
 es the right to modify the agendas and/or speakers\, cancel the trainings 
 due to low enrollment\, or to close registration if full.  
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SUMMARY:GASB Statement No. 87\, Leases - Webinar
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