Date/Time
January 13, 2022
1:00 PM ET – 4:00 PM ET
Virtual CPE Event: 3 credit hours

Overview

Join us for a free virtual CPE event where industry experts will come together to provide a review of the new lease accounting standard, GASB 87, and discuss how government entities are impacted by these recent changes. Presenters will discuss what these new guidelines entail and provide detailed steps for a successful transition to the new standard. We will then dive into post-transition audits and how your organization can successfully prepare for its first audit under the new lease accounting standard.

Key Takeaways

Examine the key concepts presented in GASB 87 and how government entities are impacted by the new standard’s rules

Learn best practices for a smooth and successful transition to the new lease accounting standard

Understand how to prepare your organization for its first audit under the new lease accounting standard

Agenda

Session 1 - Opening Panel: Ask the Accounting Expert

1:00 - 2:00 PM ET

Emily Fish, Product Accounting Manager, LeaseQuery
George Azih, CEO and Founder, LeaseQuery
Sarah Slaughter, CPA, Senior Manager, Baker Tilly
Timothy Tickle, VP, Finance Transformation, RGP
Vickie Depratter, CFO, Suwannee County School District

Join a panel of accounting professionals from various roles as they discuss the new lease accounting standard, GASB 87. Panelists will explore the impact of the changes to lease accounting for government entities and provide insight into the transition process. Throughout this session, our panelists will also discuss questions submitted by the audience during registration on topics related to transition challenges and how to facilitate compliance.

Be sure to add your question when you register to be answered during the session.

Objectives 

  1. Understand certain key concepts and definitions presented in GASB 87
  2. Gain insight into how government entities are impacted by the new lease accounting standard and its changes
  3. Identify best practices for a successful transition to GASB 87

Program level: Intermediate
Prerequisites: Basic understanding of lease accounting
Advance preparation: None
Delivery method: Group Internet Based
Recommended CPE credit: 1 hour
Field of study: Accounting (Government)

Session 2 - GASB 87: A Detailed Transition Example

2:10 - 3:00 PM ET

Rachel Reed, Accounting Manager, LeaseQuery

Join a LeaseQuery lease expert for an in-depth introduction to the lease accounting changes created by GASB 87. We will begin by reviewing the main concepts defined within the standard, including a demonstration of applying these concepts to real life contract components. Finally, we will explore comprehensive examples of preparing initial and subsequent journal entries for both lessees and lessors.

Learning Objectives

  • Recognize the basic concepts of GASB 87, including the effective date and the standard’s explicit definition of a lease
  • Identify the calculations necessary to establish the opening lease account balances for both lessees and lessors
  • Draft both initial and subsequent journal entries for lessees and lessors under the new lease accounting rules

Program level: Intermediate
Prerequisites: Basic understanding of lease accounting
Advance preparation: None
Delivery method: Group Internet Based
Recommended CPE credit: 1.0 hour
Field of study: Accounting (Government)

Session 3 - Steps to Prepare for Your Year-End Audit

3:10 - 4:00 PM ET

Claire Esten, CPA, Partner, Grant Thornton
Lisa Harris, Financial Management - Manager, Grant Thornton
Marla Hummel, CPA, Partner, Grant Thornton

During this session, auditing experts will present on how an institution can successfully prepare for their first audit after transitioning to the new lease accounting standards. Presenters will touch on how the audit will compare under the new standards to their previous one, and provide tips for avoiding common audit missteps during the transition. They will also cover types of testing and reviews to expect during the audit, as well as provide a general timeline for important dates to consider.

Learning Objectives 

  • Learn how to prepare your company for the first audit post-transition to GASB 87
  • Understand steps to take to avoid common errors and audit issues during implementation
  • Explore types of testing and reports covered under the new standard's audit

Program level: Intermediate
Prerequisites: Basic understanding of lease accounting
Advance preparation: None
Delivery method: Group Internet Based
Recommended CPE credit: 1 hour
Field of study: Accounting (Government)

Presenters

George Azih

CEO and Founder
LeaseQuery

 

Jason Parker, CPA

Accounting Solutions Manager
LeaseQuery

 

Emily Fish

Product Accounting Manager
LeaseQuery

Rachel Hershberger

Product Senior Manager
LeaseQuery

Rachel Reed

Accounting Manager
LeaseQuery

 

Sarah Slaughter, CPA

Senior Manager
Baker Tilly
Public sector practice

Timothy Tickle

VP, Finance Transformation
RGP

Lisa Harris

Financial Management
Manager
Grant Thornton

Claire Esten, CPA

Partner
Grant Thornton

 

Marla Hummel, CPA

Partner
Grant Thornton

 

CPE Details

Who Should Attend

Government accounting and finance professionals whose organizations manage a medium-to-high volume of leases will benefit most from this event, along with CPAs who serve clients with a similar volume of leases.

Additional information to include:

Program level: Intermediate
Prerequisites: Basic understanding of lease accounting
Advance preparation: None
Delivery method: Online
Recommended CPE credit: 3.0 hours
Field of study: Accounting (Government)

SPONSOR STATEMENT

LeaseQuery is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: NASBAregistry.org.

For more information regarding administrative policies such as complaints, please contact CPEinfo@leasequery.com.

PROGRAM CANCELLATION POLICY

If a program is cancelled, LeaseQuery will notify registrants via the email address that they used to register for the program.