[Annual-Report-Contacts-News] GASB 87, Leases, Training is Now Available

[CHASE Stacey A * DAS]

Happy Friday financial reporting contacts!

It's the moment you've all been waiting on pins and needles for [insert drum roll] GASB 87 training is now available on the SARS training and resources webpage!

For your convenience, the training is recorded so that you may watch the presentation when it works best for you. I also posted a plethora of GASB 87 resources to the same webpage (refer to the screenshot below for a list of the available resources).

Direct access to the training presentation (including audio) is available via the following link: https://www.oregon.gov/das/Financial/Acctng/Documents/GASB%2087%20Agency%20Training-April%202021.mp4.

Please visit the SARS training and resources webpage at: https://www.oregon.gov/das/Financial/Acctng/Pages/Training.aspx.

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Please let me know if you have any questions. Have a great day everyone!
S :)


Stacey A. Chase
Senior Financial Reporting & Policy Analyst
Chief Financial Office
Department of Administrative Services
Phone: (971) 900-9993
https://www.oregon.gov/das/financial/acctng/pages/index.aspx



From: CAFR-Contacts-News <cafr-contacts-news-bounces at omls.oregon.gov> On Behalf Of CHASE Stacey A * DAS via CAFR-Contacts-News
Sent: Tuesday, February 23, 2021 12:06 PM

As you may recall, last Spring GASB issued Statement No. 95 which postponed the effective dates for certain authoritative guidance. Specifically,  Statement No. 87, Leases<https://gasb.org/jsp/GASB/Document_C/DocumentPage?cid=1176169170145&acceptedDisclaimer=true>, was postponed by one year which resulted in a revised effective date of 7/1/2021 (fiscal year 2022).

In preparation for GASB 87 implementation, agencies should focus on identifying which contracts and/or agreements meet the definition of a "lease" under GASB 87 and collect the applicable data elements referenced in the GASB 87 Lease Data Matrix available on the SARS training and resources webpage<https://www.oregon.gov/das/Financial/Acctng/Pages/Training.aspx>.

Please note: this is more than just identifying "known leases" (e.g. facilities, copier); rather, agencies will need to evaluate their contracts and/or agreements to determine if they 1) meet the definition of a "lease" or 2) contain a "lease component" embedded in the contract and/or agreement. Please engage with your agency's Procurement and/or Facilities team to determine which contracts and/or agreements are subject to GASB 87 reporting.

Attached is a timeline developed to assist agencies in coordinating GASB 87 implementation. We recommend agencies use this tool as a baseline to develop agency-specific implementation plans. We also recommend agencies review GASB Implementation Guide No. 2019-3, Leases<https://www.gasb.org/jsp/GASB/Document_C/DocumentPage?cid=1176173189687&acceptedDisclaimer=true>, for additional information.

An overview of GASB 87 was provided during the 2019 SARS Year-end Close Training; the recorded training and slide deck are available on the SARS training and resources webpage<https://www.oregon.gov/das/Financial/Acctng/Pages/Training.aspx>. Additional training will be provided to agencies in late Spring (date TBD).

SARS is currently working with SFMS to update the chart of accounts in R*STARS and to establish new transaction codes. The new accounts and transaction codes are intended to be available in R*STARS by 7/1/21.

Implementing this statement may be a heavy lift for agencies...don't delay, start today! :)
s

Stacey A. Chase
Senior Financial Reporting & Policy Analyst
Chief Financial Office
Department of Administrative Services
Phone: (971) 900-9993
https://www.oregon.gov/das/financial/acctng/pages/index.aspx

Data Classification: Level 1 - Published

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