GASB 87: A Detailed Example of the New Lease Accounting Standards

Course Description

In this webinar, LeaseQuery’s lease accounting experts will discuss the background of the GASB 87 lease accounting pronouncement. Next, they will review how to determine if you have a lease and what type of agreements are in scope. LeaseQuery will then walk through a comprehensive example of the new government lease standard in action, beginning with determining lease commencement and identifying key dates. Additional steps include how to calculate the lease asset and lease liability and establish which interest rates are appropriate. Finally, our lease accounting experts will end with an example demonstrating how to create the 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 what types of contracts or arrangements are within the scope of GASB 87
  • 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

Prerequisites

  • A basic understanding of GASB 87

Who Should Attend

Accounting and finance professionals whose companies 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.

Advanced Preparation

None

Presenters

Wesley Williams

Rachel Reed

Accounting Manager at LeaseQuery

rachel.reed@leasequery.com

Rachel’s experience includes working in the audit practice at EY, where she served clients across a wide variety of industries in both the public and private sectors. As an Accounting Manager at LeaseQuery, Rachel guides potential clients through the benefits and functionalities of lease accounting technology. She is also dedicated to educating LeaseQuery’s customers on the new lease standards and supporting them through the implementation process.

Rachel Reed

Amanda Payne

Accounting Manager at LeaseQuery

amanda.payne@leasequery.com

Amanda Payne is an Accounting Manager at LeaseQuery. Amanda began her career at EY in assurance services working with clients in the public, private, and nonprofit sectors. There she was responsible for planning and performing audit procedures, collecting and organizing ongoing support from client management, and presenting to client management and assurance teams in the Americas, India, and Egypt.

CPE Webinar

Date & Time

January 28, 2021 – 1:00 PM – 2:30PM EST

Course Information

COST FREE
CREDITS 1.50 hours
SUBJECT AREA Accounting
COURSE LEVEL Basic
DELIVERY METHOD Group Internet Based

Register for this webinar below.



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.