GASB Statement 87 changes the recognition and measurement model used for reporting lease liabilities (lessees) and lease receivable (lessors). This session will highlight the requirements in Statement 87.
Distinguish what types of contracts meet the definition of a lease and the types of contracts that do not.
Recognize the lease term and its importance when calculating a lease liability or lease receivable.
Estimate completeness of lease contracts and applying materiality to leases.