Governmental Accounting Standards Board Statement No. 87, Leases (“GASB 87”), issued in June 2017, significantly changed the reporting of leases by governments for periods after June 15, 2021.
The following two attachments – Leases (GASB 87) Questions and Answers; and (2) Leases (GASB 87) Include/Exclude Table – contain additional guidance on GASB 87 and its effect on lease accounting.
For more information, please refer to Section 10 | Fixed Assets in the Citywide Accounting Policies and Procedures.