GASB Statement No. 87 Addresses Single Approach for Reporting Leases
Originally published on June 30, 2017
Updated on August 16th, 2022
The Governmental Accounting Standards Board (GASB) has detailed new guidance that establishes a single approach to accounting for and reporting leases by state and local governments. The goal is to better align reporting these leases with their particular situations, as well as provide greater transparency and usefulness of financial statements.
Statement No. 87, released on June 28, provides guidance for lease contracts for assets like vehicles, buildings and heavy equipment. (It does not apply to donated assets and leases of intangibles like patents and software licenses.) Specific guidelines are given for governments in both lessee and lessor roles, as well as specific aspects of the arrangement to report.
You can see the entire statement here.
All content provided in this article is for informational purposes only. Matters discussed in this article are subject to change. For up-to-date information on this subject please contact a James Moore professional. James Moore will not be held responsible for any claim, loss, damage or inconvenience caused as a result of any information within these pages or any information accessed through this site.
Other Posts You Might Like