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 email@example.com.
— Ken Tysiac (Kenneth.Tysiac@aicpa-cima.com) is the JofA’s editorial director.