The Governmental Accounting Standards Board (GASB) has issued Implementation Guide No. 2019-3, Leases. Implementation Guide No. 2019-3 contains questions and answers about GASB Statement No. 87, Leases, the new standard on accounting and financial reporting for leases.
Accounting for Leases
Implementation Guide No. 2019-3 provides guidance in question and answer format to many questions about how to apply the provisions of GASB Statement No. 87, including:
- Scope and applicability;
- Determining the term of a lease;
- Determining if a lease qualifies for the short-term lease exception;
- Recognition, measurement, and disclosure by lessees;
- Recognition, measurement, and disclosure by lessors;
- Accounting for contracts with multiple components and contract combinations;
- Accounting for modifications and terminations of leases; and
- Sale-leasebacks, lease-leasebacks, and intra-entity leases.
GASB Implementation Guides are intended to clarify, explain, or elaborate on the requirements of Board pronouncements. The questions and answers discussed in GASB Implementation Guides constitute Category B authoritative guidance under generally accepted accounting principles (GAAP). The guidance is applicable to all state and local governments that follow GAAP when preparing their financial statements.
Keep Reading on CCH® Accounting Research Manager.
Not a subscriber? Sign up for a Free Trial