As you are likely well aware, two important developments that will impact your municipality’s financial statements are the implementation of GASB 84 Fiduciary Activities and GASB 87 Leases.
GASB 84 will be required to be implemented for fiscal years beginning after December 15, 2018, which means that governments with year-ends of December 31, 2019, will be the first to implement. It will require the evaluation of the government’s activities to determine who controls the assets and who the beneficiaries are, to determine the appropriate fund in which to record the activity.
GASB 87 will be required to be implemented for fiscal years beginning after December 15, 2019, which means that governments with year-ends of December 31, 2020, would be the first to implement. The implementation of GASB 87 will require governments to treat their operating leases similarly to how they currently handle capital leases and record a lease asset and a lease liability.
GASB is offering a free CPE webinar on the implementation guide for GASB 84 Fiduciary Activities and GASB 87 Leases on Thursday, September 26, 2019, from 1:30-3:15 p.m. EST. The topics that will be discussed include:
- Identifying fiduciary activities based on the requirements of Statement No. 84, Fiduciary Activities
- Reporting fiduciary activities in fiduciary funds
- Identifying contracts addressed in Statement No. 87, Leases
- Recognizing and measuring financial statement elements associated with lease transactions
- Audience question-and-answer session.
You may register for the webinar here. If you are unable to attend the live broadcast, GASB will have the video available on its website for 90 days after the event.
Earlier this year, Yeo & Yeo issued a white paper about implementing GASB 84 that you can download here.
If you have implementation questions, please reach out to Yeo & Yeo’s Government Services Group.