[White Paper] GASB 87 Lease Accounting: How to Become Compliant
Changes to requirements for lease accounting had been on the cards for some time and as of June 15th 2021 the implementation of GASB Statement 87 Lease Accounting is now a mandatory requirement. This means that what used to be called operating leases and finance leases must be accounted for on the balance sheet and slowly recorded through the Income statement. This shift of focus requires not only an asset reclassification exercise, but also the ability to account for lease details on the balance sheet and proper reporting requirements for these items.
This paper aims to explain the GASB 87 requirements, explore its challenges, and outline the options available to ensure compliance.
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