To assist state and local governments with applying GASB Statement No. 87, Leases, the Governmental Accounting Standards Board (“GASB”) has issued a draft Implementation Guide. The GASB presents the proposed guidance in a question-and-answer format and intends to clarify the requirements listed under the lease accounting standard. GASB Statement No. 87 offers a simplified approach for state and local governments to account for and disclose leases.
Interested parties can submit feedback on the proposal to the GASB by Tuesday, April 30.