OVERVIEW

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GASB 87 Is Here…What You Should Know

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Overview:

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

CREDIT

Credit:

Advance Preparation:

Print and review course materials

Prerequisite:

General Knowledge of Accounting and Auditing

Method of Presentation:

On-Demand Webcasts

Course Code:

149621

NY Category of CLE Credit:

Areas of Professional Practice

NASBA Field of Study:

Accounting (Governmental) – Technical

Total Credit:

1.0 CLE

1.0 CPE (Not eligible for QAS (On-demand) CPE credit)

SPEAKER PANEL

Speaker Panel:

Stephen G. Austin, CPA, MBA , Firm Managing Partner
Swenson Advisors, LLP

Steve is a Certified Public Accountant in the states of California and Georgia. Steve manages audit, SEC, Sarbanes-Oxley, and business and lease accounting consulting engagements with a focus on technology, manufacturing, service, real estate, social media, and non-profit organizations. He is the author of the book Rise of the New Ethics Class. Steve speaks worldwide on governance, Sarbanes-Oxley, and IFRS matters and writes articles published by the AICPA. Prior to joining Swenson Advisors, Steve held Partner positions with McGladrey & Pullen, LLP and Price Waterhouse, LLP. Steve earned a BS in Accounting and Finance from Bob Jones University and an MBA from the University of Georgia, Terry College of Business. Steve serves on numerous community boards and audit committees including Summit Ministries, Family Heritage Foundation, Brandman University and InSoCal CONNECT.

Joel C. Colbourn, CPA, MBA , Lease Accounting Director
Swenson Advisors, LLP

Joel Colbourn is a Certified Public Accountant and has several years of experience directing accounting and treasury consulting engagements, including several successful lease accounting implementations. He is a frequent speaker on lease accounting and publishes articles published by the AICPA. He has also directed accounting and treasury operations for complex global organizations. His industry experience includes more than 20 years in the areas of retail distribution, healthcare, aerospace and defense, technical services and solutions, and consumer products. Early in his career he worked for Ernst & Whinney where his clients included several government entities. Joel earned a B.S from the University of California, Berkeley and an MBA from the University of Southern California.