The GASB lease standard (GASB Statement No. 87) is in effect for fiscal years beginning after June 15, 2021, changing how leases are recorded. The archived Governmental Audit Quality Center (GAQC) webcast “GASB's Lease Standard: Are You Ready?” held on Tuesday, February 1, 2022, offers auditors a comprehensive overview of the single model for recording leases.
GASB Statement No. 87 introduces a single model for lease accounting, marking a significant shift in how governmental entities recognize and report lease agreements.