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This session will address account and financial reporting implementation issues associated with the Statement on leases. Topics to be covered include the definition of a lease; determining the term of the lease and the release liability and asset for both a lessee and a lessor; and other implementation issues, including those addressed in the accompanying GASB implementation guide.
Learning Objectives:
Understand what types of contracts meet the definition of a lease.
Determining the length of a lease for financial reporting purposes.
Recognize the reporting of a lease liability and lease receivable in the initial year.
Speaker(s):
David
Bean,
CPA,
CEO and Former GASB Director,
Governmental Accounting Research, LLC
