In June 2017, the Governmental Accounting Standards Board (GASB) issued GASB Statement No. 87, Leases. GASB 87 overhauls the accounting and financial reporting of leases for state and local governments by establishing a single model for lease accounting based on the foundational principle that leases are financings of the right to use an underlying nonfinancial asset. 

GASB 87 was originally effective for the fiscal year ending June 30, 2021. However, in May 2020, GASB issued GASB Statement No. 95, Postponement of the Effective Dates of Certain Authoritative Guidance (GASB 95). Based on the issuance of GASB 95, the implementation of GASB 87 is being delayed to the fiscal year ending June 30, 2022.

Beginning in July 2021, agencies will be required to record all leases within the scope of GASB 87 that exceed the capitalization threshold. The General Accounting Office is gathering data to determine the appropriate threshold and making modifications to AFIS where leases will be able to be entered, tracked, and reported. This information will be gathered for proper reporting in the annual CAFR. GAO is also continuing to work on providing additional guidance and training. GASB 87 Overview is one of the primary resources which defines what a lease is and discusses the scope of what leases are included and excluded under GASB 87.

The GASB 87 Overview will be conducted as a CBT within Tracorp. The search code is: GASB87_GAO 

Important:  GASB 87 must be implemented for the fiscal year beginning July 1, 2021 and will require a restatement of beginning balances for all periods presented (retroactive application). It will be important to complete the training as soon as possible, but no later than June 15, 2021 to assist with the understanding of the changes.

To Register for this course in the Learning Center (Tracorp): 

1. Log into your Y.E.S account (Y.E.S > Employee Training > My Training), then log into the Learning Center (Tracorp)

2. Click on Assigned Content, found in the menu on the left side of your screen. Note: If you are a supervisor/manager, click My Student first, then Assigned Content

3. Type in the Course ID (GASB87_GAO) in the Search field and click the magnifying glass to search

4. Locate and click Register. The system will ask if you would like to Register, click Yes. 

You will receive an auto-generated email confirming you have registered for the course.
If you have any questions or concerns please email [email protected].