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DESCRIPTION:GASB Statement No. 87 Agenda:\n\n11:00 AM-11:30 AM: Registratio
 n and Check-in\n11:30 AM-12:30 PM: Presentation\n12:30 PM-1:00 PM: Lunch\n
 \nThe objective of this Statement is to better meet the information needs 
 of financial statement users by improving accounting and financial reporti
 ng for leases by governments. This Statement increases the usefulness of g
 overnments’ financial statements by requiring recognition of certain lease
  assets and liabilities for leases that previously were classified as oper
 ating leases and recognized as inflows of resources or outflows of resourc
 es based on the payment provisions of the contract. It establishes a singl
 e model for lease accounting based on the foundational principle that leas
 es are financings of the right to use an underlying asset. Under this Stat
 ement\, a lessee is required to recognize a lease liability and an intangi
 ble right-to-use lease asset\, and a lessor is required to recognize a lea
 se receivable and a deferred inflow of resources\, thereby enhancing the r
 elevance and consistency of information about governments’ leasing activit
 ies. \nSpeakers:Jamie Wilkey\, Audit Technical Partner at Lauterbach & Ame
 n\, LLPTimothy Gavin\, CPA\, Lauterbach & Amen\, LLP\nLearning Objectives 
 – Paticipants completing this session will be able to: \n\nDefine what a l
 ease is under the new standard\nUnderstand how a governments’ current leas
 es will be accounted for and reported on under the new standard\nUnderstan
 d how to properly disclose lease activity under the new standard\n\nIntend
 ed Audience: Finance ProfessionalsDelivery method: Group LiveProgram Level
 : OverviewPrerequisites: No prerequisites required Advanced Preparation: N
 o advanced preparation requiredField of Study: Accounting (Governmental)-T
 echnicalEarn about 1.00 CPE credit
DTEND:20191016T130000
DTSTAMP:20260429T133011
DTSTART:20191016T110000
LOCATION:Village of Elk Grove Village\, 901 Wellington Ave \, Elk Grove Vil
 lage\, IL 60007
SEQUENCE:0
SUMMARY:Chicago Metro Chapter Lunch and Learn - GASB Statement No. 87 
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