After the success of the original Accounting Technology Innovation Summit, LeaseQuery set out to put together another virtual event, this time focused exclusively on government accounting standards – The GASB Technology Innovation Summit (#GASBInnovationSummit).

The free, five-hour virtual event took place on Feb. 23, attracting more than 1,000 registrations from accountants and finance professionals across the country. The event served up presentations from LeaseQuery, RGP, RSM, and Eide Bailly. Attendees got an in-depth overview of the GASB 87 lease accounting standard, including the latest technical accounting revisions, policy considerations, and timelines. Summit presenters also covered the impacts of two other key government standards – GASB 83, Certain Asset Retirement Obligations, and GASB 96, Subscription-based IT Arrangements.

Memorable takeaways from the #GASBInnovationSummit

Below, we’ve highlighted several impactful quotes from the #GASBInnovationSummit. If you’re looking for more inspiration on how government organizations should be navigating the changes in lease accounting, check out the GASB Innovation Summit recap page. Here, you will find recordings of all four #GASBInnovationSummit sessions.

Jason Parker, CPA, Accounting Solutions Manager, LeaseQuery

“Complications surrounding the effort level which is required to adopt it [GASB 87], were so heavy that it made sense to provide a little more time. But again, as a reminder, that time is diminishing, so if you haven’t gotten started on this project, we would recommend getting started very soon.”

“When you can identify your population, sometimes that will let you know whether you consider adding additional financial reporting controls or potentially thinking about investing in technology to automate the compliance process.”

Timothy Tickle, VP, Finance Transformation, RGP

“Documenting any key decisions that you’ve made around GASB 87 (short-term lease conception, any materiality considerations you’ve identified), and getting them into an election memo will simplify the review for your internal auditor.”

“Finding contracts in the embedded lease space is more of an art form than a science. The goal here is to deploy a methodology that you can then turn around and say that you did not miss anything significant.”

Bob Malinowski, Senior Director, Technical Accounting Consulting and Kirk Rogers, Partner, Assurance, Technical Accounting Consulting, RSM

“There’s a lot of lease accounting systems out there but only a handful have invested their time into being GASB 87 compliant.”

“There’s a lot more to GASB 87 than meets the eye. The new lease standard, on the surface, is fairly straight-forward. However, when you get into the weeds of it and start doing it, it starts to get very complicated – on both the technical accounting and operational fronts.”

Eric Berman, MSA, CPA, CGMA and Brian Stavenger, CPA, Eide Bailly

“Whatever rate you choose for your discount rate, make sure you document it. Documentation is key.”

“Differentiating between the types of SBITAs [ subscription-based information technology arrangements] is tricky but simply put, SaaS [Software as a Service] is available over a third party on the Internet. PaaS [Platform as a Service] is hardware and software tools available over the internet. IaaS [Infrastructure as a Service] is cloud-based services, pay-as-you-go storage, networking virtualization, and DwaaS [Data warehouse as a Service] is data storage, offering data warehouse management services without investing in a proprietary solution. GAAP needed to evolve to these trends.”

GASB Summit CTA