GASB Lease Standard, Are You Ready? by Brian Joseph Hemmerle, CPA, CFE
You may be thinking, “I have plenty of time to implement the new GASB Lease Standard, especially now that GASB Statement 95 postponed the effective date to periods beginning after June 15, 2021. I don’t need to worry about this until I issue my June 30, 2022 CAFR, right?” It is true the implementation has been postponed; however, the accounting for this lease standard, and all new leases you enter into as a government, will be greatly affected starting July 1, 2021. That’s only six months away!
JAN/FEB 2021 AZ CPA
11
