GASB addresses lease accounting

A new guide contains Q&As to assist in implementation.

GASB issued an implementation guide in August that contains questions and answers about the board's new lease accounting standard for state and local governments.

Implementation Guide No. 2019-3, Leases, provides guidance for preparers on how to apply the rules in GASB Statement No. 87, Leases, including:

  • Scope and applicability.
  • Determining the term of a lease.
  • Determining if a lease qualifies for the short-term lease exception.
  • Recognition, measurement, and disclosure by lessees.
  • Recognition, measurement, and disclosure by lessors.
  • Accounting for contracts with multiple components and contract combinations.
  • Accounting for modifications and terminations of leases.
  • Sale-leasebacks, lease-leasebacks, and intra-entity leases.

The questions and answers in the guide constitute Category B authoritative guidance under GAAP.

RESOURCES

Keeping you informed and prepared amid the coronavirus outbreak

We’re gathering the latest news stories along with relevant columns, tips, podcasts, and videos on this page, along with curated items from our archives to help with uncertainty and disruption.

VIDEO

Excel walk-through: Sparklines

Want to liven up your spreadsheets with some color and graphical elements? Kelly L. Williams, CPA, Ph.D., shows how to use Excel sparklines, which illustrate data trends and patterns via small charts that fit in a single Excel cell.