GASB has issued a proposed implementation guide to help state and local governments understand the board’s new standard on lease accounting. GASB Statement No. 87, Leases, was issued in June 2017 and takes effect for reporting periods beginning after Dec. 15, 2019. The proposed implementation guide (tinyurl.com/y46lf4vw) contains questions and answers intended to clarify, explain or elaborate the requirements of the new standard.
VACo Contact: Vicky Steinruck, CPA