PPT-GASB 87 : Understanding and Implementing the New Lease Accounting Standard

Thursday February 4 th 2021 GASB Statement No 87 Objectives GASB 87 Defined Why Change Why is the reporting for Leases Changing Currently there are two separate types of leases Capital Leases are those leases that meet certain criteria as set forth in FASB Statement No 13 These leases are recorded on the financial statements as an asset for the underlying item being leased and a lease liability for the remaining future lease payments . By Phil Rickard. Associate Professor of Accounting, Mount Vernon Nazarene University. What is U.S. Accounting Convergence?. Accounting Harmonization. Relates to the process of substantially standardizing the rules and regulations for international securities and the related accounting principles across . Purvis Gray & Company LLP . June, 2011. Mark A. White CPA, Partner. Purvis Gray & Company, LLP. Ocala, Florida. Accounting Profession Reacts to New GASB Statements. Historical Perspective. GASB was established by the Financial Accounting Foundation (FAF) in 1984. Lease Accounting and. Operational Implications. Tim Shepard . Senior Manager, Financial Accounting Advisory Services. Ernst & Young LLP. November 18, 2016. Disclaimer. These slides are for educational purposes only and are not intended, and should not be relied upon, as accounting advice.. Leases Project. Overview. Identify a lease. Lessee: how big the liability will be?. Lessor accounting: what has changed?. Other lease accounting issues. Transition provisions. What do you need to do to get ready for 2019?. . May 25, 2017. Our webinar will begin shortly. .. ASC 842: Are you ready for the new lease accounting standards?. . May 25, 2017. Bob Roll. Melissa Lacy. Questions. . 3. How to ask a question during today’s webinar?. June 30, 2012. GASB Statement No. 64, Derivative Instruments: Application of Hedge Accounting Termination Provisions. Summary of GASB Updates. Effective Dates – Recently Issued GASB Standards. June 30, 2013. 15th Annual IMA Michigan Fall . Conference. October 31, 2016. Jim Hannan. Scott Sachs. Meet the Presenters… . Jim Hannan. Managing Director. Chicago, Illinois. Scott Sachs. Assurance Practice Senior Manager . June 14, 2018. Employment Auditorium. 8:30 a.m. – 11:30 a.m.. Agenda. What’s New and What’s Coming from SARS – Rob Hamilton. GASB 75 . Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions – . Tuesday, March 21, 2017. This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax or other professional advice. Please refer to your advisors for specific advice.. Certified continuing professional education class. 2-hour credit. Must remain for the entirety of the class to receive CPE credit. Must sign in and sign out to receive CPE credit. Certificates of attendance will be emailed for CPE credit. Workshop 2015. GASB 68. New reporting requirement that will affect this year’s audit. It is highlighted in the audit contract.. Purpose is improve the accounting . and financial reporting by state and local governments for . Jeff Jensen, CPA . © 2017 Crowe . LLP. Polling Question #1. Which of the following best describes your experience related to GASB 87? . I have read through GASB 87 and have already began taking inventory of our leases and determining how each will be reported. the New SBITA Accounting Standard. Discussion Points. GASB 96 Defined. Why Change?. Why is the reporting for SBITAs Changing?. There is . limited guidance . currently available for Subscription-Based Information Technology Arrangements, which has led to various ways of . Claire Arnold. , Associate Vice . Chancellor for . Fiscal Affairs . Brad Freeman, Division Director. Office of Fiscal Affairs. USG Interact Conference. September 12, 2018. GASB Statement 83 . “Certain .