The Governmental Accounting Standards Board (GASB), released Statement No. 87, leases, which is effective for reporting periods beginning after Dec. 15, 2019. Using an assessment process can often help your organization manage the implementation in a more succinct way and help reduce expected pain points. Join RSM as we provide a brief overview of the standard, explain how it affects state and local governments, including public schools and special purpose entities and organizations that receive state and local funding and discuss approaching deadlines. We also review important challenges organizations may be faced with throughout the implementation and adoption process and how to overcome or avoid them.
Topics covered include:
- GASB 87 overview, effective dates and transition methods
- GASB 87 assessments and how they can assist in a more seamless implementation and adoption
- Lessons learned from the challenges of similar implementation and adoption standards
- Review of best practices for the implementation
