GASB issues proposed lease accounting implementation guide

By Ken Tysiac

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.

Where to find May’s flipbook issue

The Journal of Accountancy is now completely digital. 

 

 

 

SPONSORED REPORT

Implementing lease accounting

FASB’s Codification (ASC) 842, Leases, requires companies to make significant changes in the way they report operating leases. But one of the initial challenges might be simpler than you think … find out more with this report.