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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.
Learning Objectives:
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.