GASB 87 Implementation Questions Answered
The Governmental Accounting Standards Board (GASB) Statement no. 87, Leases, aims “to better meet the information needs of financial statement users by improving accounting and financial reporting for leases by governments.”
Scott Anderson, a Director on Cherry Bekaert’s Government & Public Sector (GPS) team, who has recently returned from his GASB fellowship, sat down with Lauren Strope, Assurance Partner on our GPS team, to address frequently asked questions that have surfaced throughout the first-year implementation of GASB 87.
Part of our GPS podcast series, this episode discusses:
- Right-of-use assets and where they belong
- Capital assets and calculation of net position
- Short and long-term liability reporting
- Leases in proprietary fund statement reporting
- Leases in governmental fund reporting during the year of implementation
- Restatement of prior balances in the Management’s Discussion and Analysis
If you have any questions specific to your business needs, Cherry Bekaert’s Government & Public Sector team is available to discuss your situation with you.
- Article: Most Frequently Asked Questions (“FAQs”) about GASB 87 and What You Need to Know to Comply
- Podcast: GASB Hot Topics and Accounting Standards Update
- Webinar: GASB Updates for the Government & Public Sector