New GASB Implementation Guide Clarifies Statement No. 87, Leases

The Governmental Accounting Standards Board (GASB) has issued Implementation Guide No. 2019-3 to clarify and elaborate on the requirements of Statement No. 87, Leases.

Statement 87, released in June of 2017, addressed a single approach for reporting leases to better align them with their particular situations. It also provided greater transparency and usefulness of financial statements.

Implementation Guide No. 2019-3 provides a deeper dive into matters related to this standard. It includes an extensive Q&A on certain situations related to leases. It also explains how the standard should be applied in various areas.

The requirements of 2019-3 are effective for reporting periods beginning after December 15, 2019. If you have already implemented Statement 87, earlier application of this guidance is encouraged.

We also strongly recommend that you contact James Moore’s audit CPAs to see how these requirements affect you.

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