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GASB issues new leases standard

  • GASB document Image

Jun 28, 2017

The GASB has issued Statement No. 87, “Leases.”

The Statement "establishes a single approach to accounting for and reporting leases by state and local governments." The new standard’s objective is to enhance "the usefulness of governments’ financial statements by requiring recognition of certain lease assets and liabilities for leases that previously were classified as operating leases and recognized as inflows of resources or outflows of resources based on the payment provisions of the contract."

For more information, see Statement 87 and the press release on the GASB’s Web site.

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