GASB update 2019: Key take-a-ways

GASB SoCal update: thanks for attending! from Lsl Cpas on Vimeo.

GASB updates, Lease Accounting & ERP: many things were covered at the 2019 GASB update sessions in Northern and Southern California.

Here is a list of key-take-aways put together by Debbie Harper for you:

Implement this year – Current debt disclosures

GASB 88 – Review your debt disclosure footnotes for:

• unused credit lines
• assets pledged as collateral
• terms related to significant events
• significant terminations events
• significant acceleration clauses

Prepare for future years

GASB 89 – no longer capitalizing interest

• if project is not complete by FY 20, stop capitalizing

GASB 84 – review fiduciary reporting

• agency funds going away

GASB 87 – Lease Reporting- talk with your departments now

• gather your lease agreements and review

If you’d like an extra copy of the day’s slides for yourself or a colleague who could not attend, you can get them here (2.1 MB .pdf).