- news
- GOVERNMENT
GASB issues proposed lease accounting implementation guide
Please note: This item is from our archives and was published in 2019. It is provided for historical reference. The content may be out of date and links may no longer function.
Related
FASB update refines reporting scope for derivatives
A&A Focus recap: AI considerations in A&A, GASB updates, and practical lease accounting challenges
Accounting for software: FASB issues improved guidance
GASB issued a proposed implementation guide that is designed to help state and local governments understand the board’s new standard on lease accounting.
GASB Statement No. 87, Leases, was issued in June 2017 and takes effect for reporting periods beginning after Dec. 15, 2019, although the board is encouraging earlier application. The proposed implementation guide contains questions and answers that are intended to clarify, explain, or elaborate on the requirements of the new standard.
Comments on the proposed guide are requested by April 30 and can be emailed to director@gasb.org.
— Ken Tysiac (Kenneth.Tysiac@aicpa-cima.com) is the JofA’s editorial director.