GASB Leases – What You Need to Know
The GASB recently issued a new standard on lease accounting. The goal of the new standard is to more closely align the accounting and financial reporting of leases with their economic substance. This guidance will treat all leases as “financing leases” and eliminate the difference between capital and operating leases. The standard will be effective for fiscal years beginning after December 15, 2019, but will be important in considering new and renewed leases in the coming months and years. This course described the pertinent details of the new standard and the effects of implementation.