GASB 87 Is Here…What You Should Know.
New lease accounting rules are coming soon for all government entities. After a COVID-19 one-year delay, Statement No. 87 of the Government Accounting Standards Board, Leases (“GASB 87”) is now required for fiscal years beginning after June 15, 2021, and is applicable to both government entities lessees and government entity lessors.
The required changes are significant, and the focus of this presentation will be on what you need to know about the new standard. While the new standard is more “principles-based” than “rules-based” as in the past, understanding the underlying concepts is critical to making sure this all makes sense. This presentation will present these underlying concepts in a way that promotes an understanding of what you need to do, and what you will need to change for success.
The material presented in this program will be helpful as an introduction to persons just beginning to think about implementing GASB 87 as well as an affirmation they are on the right track for persons that have already kicked off the implementation process. In addition, the material will provide guidance on making the implementation process less painful.
In this Webcast, Swenson Advisors, LLP lease accounting veterans Stephen G. Austin and Joel Colbourn will provide an in-depth analysis of how GASB 87 will forever change what you used to know about lease accounting for government entities. Speakers will also provide insight on establishing processes to ensure continuing compliance going forward.
Some of the major topics that will be covered include:
The New GASB 87 Lease Accounting Standard: Sweeping Implications New Criteria for Determining a Lease How a Lessee Records a Lease; How a Lessor Records a Lease What Are Lease Components and Why Are They Important? Implementing a Technology Solution
Field of Study: Accounting (Governmental)
Live and Recorded CLE & CPE Webcasts in the Legal, Tax, Finance, Risk, Compliance and Human Resources Industries
Founded in November 2006, The Knowledge Group has established itself as a premier eLearning hub for Continuing Legal Education (CLE), Continuing Professional Education (CPE), and technology-focused webcasts. We equip lawyers, accountants, and industry professionals with expert-driven insights, timely regulatory updates, and practical strategies to help them stay ahead in an ever-evolving landscape.
Firm Managing Partner at Swenson Advisors, LLP and Lease Accounting Director at Swenson Advisors, LLP
Stephen G. Austin, CPA, MBA , Firm Managing Partner Swenson Advisors, LLP Steve is a Certified Public Accountant in the states of California and Georgia. Steve manages audit, SEC, Sarbanes-Oxley, and business and lease accounting consulting engagements with a focus on technology, manufacturing, service, real estate, social media, and non-profit organizations. He is the author of the book Rise of the New Ethics Class. Steve speaks worldwide on governance, Sarbanes-Oxley, and IFRS matters and writes articles published by the AICPA. Prior to joining Swenson Advisors, Steve held Partner positions with McGladrey & Pullen, LLP and Price Waterhouse, LLP. Steve earned a BS in Accounting and Finance from Bob Jones University and an MBA from the University of Georgia, Terry College of Business. Steve serves on numerous community boards and audit committees including Summit Ministries, Family Heritage Foundation, Brandman University and InSoCal CONNECT. Joel C. Colbourn, CPA, MBA , Lease Accounting Director Swenson Advisors, LLP Joel Colbourn is a Certified Public Accountant and has several years of experience directing accounting and treasury consulting engagements, including several successful lease accounting implementations. He is a frequent speaker on lease accounting and publishes articles published by the AICPA. He has also directed accounting and treasury operations for complex global organizations. His industry experience includes more than 20 years in the areas of retail distribution, healthcare, aerospace and defense, technical services and solutions, and consumer products. Early in his career he worked for Ernst & Whinney where his clients included several government entities. Joel earned a B.S from the University of California, Berkeley and an MBA from the University of Southern California.
