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).
