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Entries by Justin Hayes, Amanda Horvath

Governmental Accounting Standards Update: 3/21/19

Posted 8:22 PM by
The Governmental Accounting Standards Board (GASB) has issued Statement No. 87, Leases, in an effort to provide information that is more relevant and consistent related to the reporting of leases by governments. Effective for reporting periods after Dec. 15, 2019, this statement requires lessees to recognize a lease liability and a right-to-use asset for all leases regardless of classification. It also requires a lessor to recognize a lease receivable and a deferred inflow of resources.
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