GASB proposes implementation guidance for lease accounting
The Governmental Accounting Standards Board posted a proposed implementation guide Thursday for its new standards on accounting and financial reporting for leases, with a set of questions and answers about the standards.
The exposure draft proposes answers to various questions about GASB Statement No. 87, "Leases," including about short-term leases, contracts that transfer ownership, lease terms, lessee recognition and measurement, and other matters.
Like its sister organization, the Financial Accounting Standards Board, GASB has its own leasing standard, although it doesn’t get as much attention as the FASB standard since it’s aimed at state and local governments, as opposed to businesses. However, for government accountants, the implementation guide provides an extensive discussion of the new leases standard.
The exposure draft of the proposed implementation guide is available for download. GASB is asking for comments on the proposed guide by April 30, 2019.