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4.1 ERMUSR 04-12-2022
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4.1 ERMUSR 04-12-2022
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City Government
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Future Accounting Standard Changes <br />GASB Statement No. 87 -Leases <br />Summary <br />The objective of this Statement is to better meet the information needs of financial statement users by improving <br />financial statements by requiring recognition of certain lease assets and liabilities for leases that previously were <br />classified as operating leases and recognized as inflows of resources or outflows of resources based on the payment <br />provisions of the contract. It establishes a single model for lease accounting based on the foundational principle that <br />leases are financings of the right to use an underlying asset. Under this Statement, a lessee is required to recognize a <br />lease liability and an intangible right-to-use lease asset, and a lessor is required to recognize a lease receivable and a <br />activities. <br />Effective Date and Transition <br />The requirements of this Statement are effective for fiscal years beginning after June 15, 2021, and all reporting periods <br />thereafter. <br />Leases should be recognized and measured using the facts and circumstances that exist at the beginning of the period of <br />implementation (or, if applied to earlier periods, the beginning of the earliest period restated). However, lessors should not <br />restate the assets underlying their existing sales-type or direct financing leases. Any residual assets for those leases <br />become the carrying values of the underlying assets. <br />How the Changes in This Statement Will Improve Accounting and Financial Reporting <br />liabilities that currently are not reported. It will enhance comparability of financial statements among governments by <br />requiring lessees and lessors to report leases under a single model. This Statement also will enhance the decision- <br />usefulness of the information provided to financial statement users by requiring notes to financial statements related to <br />5 <br />65 <br />
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