GASB Statement No. 87, Leases, requires lessor and lessee governments to analyze existing lease agreements to properly measure and report assets, liabilities, revenues, expenditures, and deferred items associated with the new standard. This will have significant ramifications in terms of increasing the level of long-term debt reported by governments that use leased facilities and equipment in their operations. Speakers for this session will provide practical implementation tips including a walk-through of the steps required for analyzing and recording example leases under GASB 87, the inferring of interest rates when the rate charged by the lessor is unknown, and the use of GFOA’s lease resource tool.
Or We Could Just Buy It….