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GASB’s New Standards on Leases and Fiduciary Activities
02/07/2018
FREE

2 CPE
Time: 11:00 - 12:50
Location: Senate Hearing Room 2, John A Cherberg Building, 304 15th Ave, Olympia, WA

This webinar will cover recently issued improvements to accounting and financial reporting standards related to leases and fiduciary activities. The session will not only cover the requirements of these standards, but also will provide insights into potential implementation issues. Statement No, 87, Leases, was approved by GASB in June 2017 and is effective for reporting periods beginning after Dec. 15, 2019. Statement No. 84, Fiduciary Activities, was approved by GASB in January 2017 and is effective for reporting periods beginning after Dec. 15, 2018. These standards will have a profound effect on state and local governments. Due to the significance and complexity of leases and fiduciary activities, these standards cannot be implemented at the last minute. They will need careful planning, and the time to plan is now.

The topics covered include:
• Identifying leases
•Determining a lease term
•Recognizing short-term leases and transfers of ownership
•Recognizing, measuring, and disclosing leases from both a lessee and lessor perspective
•Identifying fiduciary activities
•Reporting fiduciary activities
•Reporting fiduciary component units

Speakers:
•Wesley Galloway, Senior Project Manager, GASB
•Scott Reeser, CPA, Supervising Project Manager, GASB
•David Vaudt, Chairman, GASB

Learning objectives: This webinar will update you on the nature and scope of changes to accounting and financial reporting for leases and fiduciary activities based on Statements recently issued by the GASB and how governments can prepare for those changes.