This session will focus on two (2) Statements from the Governmental Accounting Standards Board (GASB): 87 ("Leases") and 96 ("Subscription-Based Information Technology Arrangements"). GASB 87 was effective for fiscal year-ends beginning June 30, 2022 and GASB 96 is effective for fiscal years ended June 30, 2023 and after. This session will focus on lessons learned through the implementation of GASB 87 and the ongoing reporting requirements under this Standard, and implementation issues and some action items for governmental officials to consider as we move toward implementation of GASB 96. This session will also include an overview of GASB 96 and highlight some commonalities between the two standards.
At the end of this session, the participant should be able
to:
- Develop and implement a completeness test for its reporting of leases and SBITAs under GASB 87 and GASB 96, respectively
- Identify the key inputs for calculating lease liabilities and right-to-use lease assets
- Understand the accounting entries required to accurately report activity for lease arrangements
- Understand the basic elements of the GASB 96 standard and identify key components
- Understand some of the similarities and differences between GASB 87 and 96
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