New lease accounting rules are coming soon for all government entities. After a COVID-19 one-year delay, Statement No. 87 of the Government Accounting Standards Board, Leases (“GASB 87”) is now required for fiscal years beginning after June 15, 2021 and is applicable to both government entity lessees and government entity lessors.

The required changes are significant, and the focus of this presentation will be on what you need to know about the new standard. While the new standard is more “principles-based” than “rules-based” as in the past, an understanding of the underlying concepts is critical to making sure this all makes sense. This presentation will present these underlying concepts in a way that promotes an understanding of what you need to do, and what you will need to change for success.

The material presented in this program will be useful as an introduction to persons just beginning to think about implementing GASB 87 as well as an affirmation they are on the right track for persons that have already kicked-off the implementation process. In addition, the material will provide guidance on making the implementation process less painful.

In this LIVE Webcast, Swenson Advisors, LLP lease accounting veterans Stephen G. Austin and Joel Colbourn will provide an in-depth analysis of how GASB 87 will forever change what you used to know about lease accounting for government entities. Speakers will also provide insight on how to establish processes to ensure continuing compliance going forward.

Some of the major topics that will be covered include:

• The New GASB 87 Lease Accounting Standard:  Sweeping Implications
• New Criteria for Determining a Lease
• How a Lessee Records a Lease; How a Lessor Records a Lease
• What Are Lease Components and Why Are They Important?
• Implementing a Technology Solution

Learning Objective:

• Identify how to establish processes that would ensure compliance with the new GASB 87 lease accounting standard for government entities