Summit Session Details
George Azih – LeaseQuery CEO and Founder
Sarah O’Sullivan – LeaseQuery, Director of Product
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.
- Summarize GASB’s latest technical pronouncements regarding asset retirement obligations, leases, and software licenses
- Identify critical dates for each standard, including the effective dates
- Discuss the scoping considerations and how they relate to your organization when implementing the new standards
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.
- Understand the challenges clients face during adoption of GASB 87
- Review the full cycle of implementation activities from preliminary analysis of existing policies and controls through establishing best practices after transition
- Explore how updating your current lease accounting solution will promote a successful audit and an efficient steady state of for lease accounting after adoption
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.
- Understand the substantial resources adopting GASB 87 will require and how departments outside of financial reporting will be affected
- Demonstrate a comprehensive example of applying the new standard as of the transition date and in the steady state
- Identify key technical and operational issues when transitioning over to GASB 87
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.
- Compare and contrast the underlying accounting treatment of leases in GASB 87 and software licenses in GASB 96
- Identify the importance of each standard and how they will impact both state and local government organizations
- Recognize important elements of both standards to better understand the resources and information necessary for a successful implementation