2021 GASB Innovation Summit Recap

LeaseQuery’s virtual GASB Innovation Summit (#GASBInnovationSummit) had an impressive lineup of speakers with accounting, financial, and technology backgrounds. Each session focused exclusively on government accounting standards. All presentations from the free virtual event are available below for on-demand viewing.

Summit Session Details

Opening Session

George Azih – LeaseQuery CEO and Founder

Sarah O’Sullivan – LeaseQuery, Director of Product

Key Upcoming GASB Pronouncements (LeaseQuery)

Jason Parker, CPA – LeaseQuery, Accounting Solutions Manager

In this 50-minute presentation, LeaseQuery will highlight three of GASB’s latest complex technical pronouncements:

  • GASB No. 83, Certain Asset Retirement Obligations
  • GASB No. 87, Leases
  • GASB No. 96, Subscription-based IT Arrangements

For each, LeaseQuery will cover the date of application (including whether GASB Statement No. 95 impacted each statement’s effective date), scoping considerations, and a summary of the fundamental compliance requirements.

Objectives:

  1. Summarize GASB’s latest technical pronouncements regarding asset retirement obligations, leases, and software licenses
  2. Identify critical dates for each standard, including the effective dates
  3. Discuss the scoping considerations and how they relate to your organization when implementing the new standards

An In-Depth Look at the Implementation Process for GASB 87 (RGP)

Timothy Tickle – RGP, Vice President, Finance Transformation

Description: RGP will focus on challenges clients face in the adoption of GASB 87 and their approach to addressing these challenges. During this session, our presenter will provide a high level overview of implementation activities including the assessment of controls and policies, process transformation to address identified gaps, and the collection and centralization of all lease contract data. We will also highlight the external audit expectations for documentation along with the selection and development of a permanent and sustainable lease accounting system.

Objectives:

  1. Understand the challenges clients face during adoption of GASB 87
  2. Review the full cycle of implementation activities from preliminary analysis of existing policies and controls through establishing best practices after transition
  3. Explore how updating your current lease accounting solution will promote a successful audit and an efficient steady state of for lease accounting after adoption

Navigating the Technical and Operational Aspects of Transitioning to GASB 87 (RSM)

Bob Malinowski – RSM, Senior Director, Technical Accounting Consulting

Kirk Rogers – RSM, Partner, Assurance, Technical Accounting Consulting

Description: GASB 87 creates a monumental change to lease accounting with influence reaching far beyond financial reporting. Adopting the new rules may require substantial time and effort not only upon transition, but also going forward. In this session we will highlight key technical and operational issues in connection with transitioning to and applying GASB 87.

Objectives:

  1. Understand the substantial resources adopting GASB 87 will require and how departments outside of financial reporting will be affected
  2. Demonstrate a comprehensive example of applying the new standard as of the transition date and in the steady state
  3. Identify key technical and operational issues when transitioning over to GASB 87

A Comparison of the Similarities and Difference of GASB 87 and GASB 96 (Eide Bailly)

Eric Berman, MSA, CPA, CGMA – Eide Bailly, Partner

Brian Stavenger, CPA – Eide Bailly, Senior Director, CFO Advisory

Description: Our presenters will discuss the basic frameworks of GASB No. 87, Leases and GASB No. 96, Subscription-Based Information Technology Arrangements and how both standards utilize similar guidance. In this 50 minute session, hear how the standards apply to state and local governments in lessee or end-user positions and the elements you need to be mindful of while implementing both standards this year and next.

Objectives:

  1. Compare and contrast the underlying accounting treatment of leases in GASB 87 and software licenses in GASB 96
  2. Identify the importance of each standard and how they will impact both state and local government organizations
  3. Recognize important elements of both standards to better understand the resources and information necessary for a successful implementation

Check out our Free Tools

GASB 87 Lease Accounting Quiz

GASB 87 Lease Accounting Quiz

Test your GASB 87 expertise with these 15 multiple-choice questions.

GASB Lease Tracking Template

GASB Lease Tracking Template

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GASB 87 Lease Identifier

GASB 87 Lease Identifier

Use this free tool to determine if you have a lease under GASB 87.

GASB Lease Accounting RFP

GASB Lease Accounting RFP

Use our GASB specific RFP to start evaluating software vendors today.

Present Value Calculator

Present Value Calculator

Use this free tool to calculate the present value of your minimum lease payments.

Asset Retirement Obligation Identifier

Asset Retirement Obligation Identifier

Use this free tool to determine if you have a legal obligation to retire an asset.

GASB 96 (SBITA) Contract Tracker

GASB 96 (SBITA) Contract Tracker

Use this free tool to document your subscription arrangement data.