Concurrent Session Online
GAE2116. GASB Leases: What Auditors and Auditees Need to Know to Implement
The time has come to implement the new GASB lease standard (GASB 87). This session will explore some of the more significant implementation challenges and key auditor considerations. In this session, we will explore:
- Determining the completeness of the lease population, including identifying embedded leases
- Use of recognition thresholds
- Separating components and allocating contract prices
- Selecting and auditing discount rates
- Subsequent measurement of lease liability/receivable and accrued interest
- Lease remeasurements and implications to accounting systems and processes
- Accounting for lease modifications
- Preparing for required note disclosures
- Common transition adjustment questions
- Using a rollforward approach for auditing
- Consideration of GASB Statement No. 96, Subscription-Based Information Technology Arrangements
- 1. Identify implementation challenges related to GASB 87.
- 2. Understand key auditor considerations.
- 3. Recognize the impact of GASB 96 on the implementation of GASB 87.
11:35 AM–12:50 PM
NASBA Field of Study
1-2 Years in the Profession