Reporting, Disclosures and Go-Forward for SFFAS 54 Implementation

With SFFAS 54, Leases, effective for fiscal years beginning on or after October 1, 2023, federal agencies should consider their implementation process. Once agencies have identified key stakeholders, and completed lease populations and systems, Cherry Bekaert’s fourth suggested step in the process is to create the entries and disclosures necessary to account for leases.

Danny Martinez, Government & Public Sector (GPS) Accounting Advisory Lead, connected with Jason Parker, Senior Alliance Manager at FinQuery, to discuss the fourth and final step that federal agencies should follow.

Part of our GPS podcast series, and the fourth in our mini-series on SFFAS 54, Leases, this episode covers the:

• Importance of using a reporting tool
• Challenges a reporting tool solves
• Considerations for federal nuances of this leasing standard
• Useful reports and information to supplement standard journal entries and disclosures
• Best practices for phase four of SFFAS 54 implementation

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.

Related Insights:

• Podcast: Initial SFFAS 54 Implementation Considerations for Federal Agencies
• Podcast: Identifying Complete Leasing Populations for SFFAS 54 Implementation
• Podcast: Policy and Procedure Considerations for SFFAS 54 Implementation
• Article: SFFAS 54, Leases Is Coming: What Should Your Federal Agency Do About It Today?
• Webinar: Introduction to the Federal Leasing Standard SFFAS 54