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.
Calculate the lease term and understand its importance when calculating a lease liability or lease receivable.
Recognize the reporting of a lease liability and lease receivable in the initial year and subsequent years.
Review the disclosures required for leases.
Understand what types of contracts meet the definition of a lease.