In June of 2017 the Governmental Accounting Standards Board (GASB) released a new lease accounting standard (Statement 87) that will be effective FY21 for most public colleges and universities.
It is critical for public institutions to plan now for contracts that are considered leases, as defined by the new standard, to be reflected on the statement of net position. This webcast will explain GASB 87 and explore the resulting effects for which universities must be prepared.
Leading the charge for GASB compliance at Michigan State University is Shea Bryant, MSU’s Financial Analysis and Reporting Manager. During this webcast, Shea will share how he and his team have approached this challenge. He will be joined by lease accounting expert Charlene McNeil, of Arazzo Solutions, as well as David Stillebroer, GASB Product Director at Planon, a leading, global provider CRE & FM software solutions.
Together, this panel of experts will dig into what GASB 87 changes mean for universities, including:
- Impact to the statement of net position
- Business process changes and change management
- The need for consistent communication between departments that may be siloed, such as Finance and Real Estate Management
- How to create a standardized approach to identify all contracts that contain a lease
- Why there is an increased risk for organizations relying on manual processes
Accounting GASB Webcast