[CAFR-Contacts-News] GASB 87 Leases Training - Save the Date (April 7)

[CHASE Stacey A * DAS]

Good afternoon CAFR contacts!

Save the date! On April 7, 2020, SARS will be providing training on GASB statement 87, Leases. Registration will be available through iLearn in the next few weeks.

GASB statement 87 establishes a single model for lease accounting based on the foundational principle that leases are financings of the right to use an underlying asset. The statement requires the recognition of certain lease assets and liabilities for leases that were previously classified as operating leases and recognized as inflows or outflows of resources based on the payment terms identified in the contract. The new lease reporting requirement takes effect July 1, 2020 (for the fiscal year ending June 30, 2021).

The attached email correspondence, distributed to the CAFR contacts list on January 30, provides additional information to assist agencies in preparing for GASB 87 implementation.

We look forward to seeing you in April!
s

Stacey A. Chase
Senior Financial Reporting & Policy Analyst
Chief Financial Office
Department of Administrative Services
Phone: (503) 947-8567
https://www.oregon.gov/das/financial/acctng/pages/index.aspx

Data Classification: Level 1 - Published

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