Government Accounting Standards Board (GASB) new lease accounting standard, Statement No. 87, Leases, implementation date is fast approaching and effective for governments with reporting periods beginning after Dec. 15, 2019.
Baker Tilly is providing a lease tool to help evaluate the impact of adopting this standard. This lease tool assists in identifying contracts as potential leases. Once a contract has been identified as qualifying as a lease under statement 87, it will identify additional information required to record and disclose each lease.
This tool will be useful to create an inventory of all identified leases with the adoption of this standard.
For more information on this topic, or to learn how Baker Tilly public sector specialists can help, contact our team.