Article

GASB Introduces Lease Standard Implementation Guidance

March 8, 2019

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.