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GASB 87: A Detailed Transition Example

GASB 87: A DETAILED TRANSITION EXAMPLE

Cost Free
Presentation Length 1.0 hour

Recorded DateDecember 1, 2021
CPE:Not available
(archived webinars do not offer CPE credits)
Subject AreaAccounting
Course LevelBasic
Course Description

Join the LeaseQuery team as we take an in-depth look at the lease accounting changes created by GASB 87. We will begin by reviewing the standard and the important concepts defined within. Next, we will explore comprehensive examples of applying the new lease accounting standard for both lessees and lessors. Our lease accounting experts will demonstrate identifying lease commencement and other key dates. Additionally, we will establish how to calculate the lease asset and lease liability for a lease in progress at the time of transition and establish which interest rates are appropriate. Finally, we will end the presentation with an example 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 the effective date and the standard’s explicit definition of a lease

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

  • Design both initial and subsequent journal entries for lessees and lessors under the new lease accounting rules

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PLEASE NOTE: ARCHIVED WEBINARS DO NOT QUALIFY FOR CPE
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Abdi Ali

LeaseQuery, LLC
Accounting Manager
abdi.ali@leasequery.com
(800) 880-7270

Leasequerylogo

Abdi Ali is a Technical Accounting Manager at LeaseQuery. Prior to joining LeaseQuery, he began his career as an audit intern at Grant Thornton LLP and soon after joined full time as an audit associate. While at Grant Thornton, he assisted in the audits of various privately-held entities. Ali also has experience as a Corporate Accountant from positions he held after his time at Grant Thornton. Abdi earned a bachelor’s degree in Accounting followed by a master’s degree in Professional Accountancy from Georgia State University’s Robinson College of Business.

About Our Presenter

Leasequerylogo

LeaseQuery helps more than 10,000 accountants and other finance professionals eliminate lease accounting errors through its CPA-approved lease accounting software. It is the first lease accounting software built by accountants for accountants. By providing specialized consulting services in addition to its software solution, LeaseQuery facilitates compliance with the most comprehensive regulatory reform in 40 years for companies across all sectors. For more information about LeaseQuery, visit LeaseQuery.com.