Join the LeaseQuery team as we take an in-depth look at the lease accounting changes created by GASB 87. We will begin by reviewing the standard and the important concepts defined within. Next, we will explore comprehensive examples of applying the new lease accounting standard for both lessees and lessors. Our lease accounting experts will demonstrate identifying lease commencement and other key dates. Additionally, we will establish how to calculate the lease asset and lease liability for a lease in progress at the time of transition and establish which interest rates are appropriate. Finally, we will end the presentation with an example demonstrating how to create the initial and subsequent journal entries for both lessees and lessors.

Learning Objectives:

• Recognize the basic concepts of GASB 87, including the effective date and the standard’s explicit definition of a lease


• Identify the calculations necessary to establish the opening lease account balances for both lessees and lessors


• Design both initial and subsequent journal entries for lessees and lessors under the new lease accounting rules