With SFFAS 54, Leases, effective for fiscal years beginning on or after October 1, 2023, federal agencies should start to identify their leasing populations and consider how their leasing transactions must be accounted for on the balance sheet.
Danny Martinez, Government & Public Sector Accounting Advisory Lead, sat down with Richard Hart, Senior Audit Manager, to discuss this second of four steps that federal agencies should follow in their SFFAS 54 implementation process.
Part of our GPS podcast series, and the second in our mini-series on SFFAS 54, Leases, this episode covers the:
- Importance of completeness in finding leases
- Power of data analytics
- Challenges and examples of embedded leases
- Best practices for phase two 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
- Article: SFFAS 54, Leases Is Coming: What Should Your Federal Agency Do About It Today?
- Webinar: Introduction to the Federal Leasing Standard SFFAS 54
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