The time has come to implement the new GASB lease standard (GASB 87). This session will explore some of the more significant implementation challenges and key auditor considerations. In this session, we will explore:
Determining the completeness of the lease population, including identifying embedded leases
Use of recognition thresholds
Separating components and allocating contract prices
Selecting and auditing discount rates
Subsequent measurement of lease liability/receivable and accrued interest
Lease remeasurements and implications to accounting systems and processes
Accounting for lease modifications
Preparing for required note disclosures
Common transition adjustment questions
Using a rollforward approach for auditing
Consideration of GASB Statement No. 96, Subscription-Based Information Technology Arrangements
1. Identify implementation challenges related to GASB 87.
2. Understand key auditor considerations.
3. Recognize the impact of GASB 96 on the implementation of GASB 87.