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.
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