What is GASB 87 Leasing?
The new GASB 87 lease accounting standard is a significant innovation in accounting for government authorities and government organizations. The Governmental Accounting Standards Board (GASB) developed this standard to improve the recording and presentation of lease agreements in the financial statements of government entities. GASB 87 came into effect on December 15, 2019, and has significant implications for the accounting and financial reporting of government institutions. The new standard replaces GASB 13 and introduces essential […]
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