Basic understanding of governmental generally accepted accounting principles.
Those responsible for the oversight, accounting, and financial reporting for government contracts.
Governmental Accounting Standards Board (GASB) Statement No. 87, Leases, will become effective for reporting periods beginning after December 15, 2019. The new lease accounting may require a great deal of advanced preparation prior to its implementation.
This two-hour internet training is designed to provide participants with a solid working knowledge of the new accounting for contracts that conveys control of the right to use another entity’s nonfinancial asset(s), and ways in which to identify key contract provisions, including lease term and effective interest rate.
Those completing this seminar will be able to:
- Understand what types of contracts constitute a lease for accounting and financial reporting purposes
- Applying example contract language, distinguish the key provisions of a contract that must be analyzed to properly assess each lease’s term and the appropriate effective interest rate
- Calculate lease assets and liabilities, and journal entries to record the following from the point of view of lessee and lessor governments:
- Lease inception
- Periodic payments in accordance with lease terms
- Lease remeasurements
- Lease modifications
- Lease terminations