blog updates

Follow KSM
Search

KSM blog

KSM Blog | Katz, Sapper & Miller CPA

Accounting Updates for Government Entities: GASB Statement No. 87, Leases

Posted 6:30 PM by

The Governmental Accounting Standards Board (GASB) has created a single approach to the accounting and reporting of leases with the issuance of GASB Statement No. 87, Leases (Statement 87). State and local governments should expect Statement 87 to have a significant impact on their financial statements.

The new standard is based on the foundational principle that, economically, a lease finances the right to use an underlying asset. As a result, the accounting for leases required by Statement 87 results in a single approach for lessors and lessees that accounts for leases based on that common financing element. This new standard is a significant change from the current approach.

Accounting Updates for Government Entities: GASB Statement No. 87, Leases summarizes the new standard and explains how it will impact government entities.

Download Now

About the Author
Scott Schuster is a partner in Katz, Sapper & Miller's Audit and Assurance Services Group as well as the partner-in-charge of KSM's Not-for-Profit and Governmental Services Groups. Scott has served as auditor to a number of not-for-profits and local units of government.

 

About the Author

Justin Hayes is a director in Katz, Sapper & Miller’s Audit and Assurance Services Group as well as being a member of the Not-for-Profit and Governmental Services Groups. Justin works with clients to help them avoid risk and maximize efficiencies by keeping an eye on their bottom line and helping ensure accurate financial reporting. Connect with him on LinkedIn.

 

About the Author
Trent Parkinson is a manager in Katz, Sapper & Miller's Audit and Assurance Services Group. Trent works with clients to help ensure accurate financial reporting and help them avoid risk and maximize efficiencies. Connect with him on LinkedIn.

link
Comments (0)
Post a Comment
Name:
Email: (Not Displayed)
Website: (optional)
Comment (HTML tags will be stripped):
Please type the alpha-numeric code above (case sensitive):
Error