GAE2008. GASB Statement No. 87: Leases

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.