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9 Steps To Prepare For GASB 87 Lease Accounting Standard

Post written by Michael Juby, Head of Business Development at DebtBook. Published by Forbes on November 10, 2021.

GASB-87, a new lease accounting standard for governmental entities, requires leases to be reported on the face of the financial statements and eliminates distinction between operating and capital leases. To comply, organizations must reevaluate contractual obligations to determine if they fall under the scope of the new guidance. The new standard applies to reporting periods beginning after June 15, 2021.

GASB-87 will create a significant compliance burden and additional work for many finance teams who are already understaffed and overwhelmed. To help finance teams navigate the requirements of implementing GASB-87, I’ve broken down the process into nine steps:

Read the full article on Forbes.com 

 

 

Disclaimer: DebtBook does not provide professional services or advice. DebtBook has prepared these materials for general informational and educational purposes, which means we have not tailored the information to your specific circumstances. Please consult your professional advisors before taking action based on any information in these materials. Any use of this information is solely at your own risk.

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