In this webinar, LeaseQuery's lease accounting experts will discuss the GASB 87 lease accounting pronouncement background. Next, they will review how to determine what type of agreements are in scope. LeaseQuery will then walk through a comprehensive example of the new government lease standard in action, beginning with determining lease commencement and identifying key dates. Additional steps include calculating the lease asset and lease liability and establishing which interest rates are appropriate. Finally, LeaseQuery's presenters will end the webinar by 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 when it will be effective and the explicit definition of a lease


• Identify what types of contracts or arrangement are within the scope of GASB 87


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


• Determine how to construct both initial and subsequent journal entries for lessees and lessors under the new lease accounting rules