GASB 87: Ongoing implementation for lease accounting
GASB 87, new guidance for the accounting of lessee and lessor leases, was implemented for fiscal year 2022. Thank you to all departments who provided assistance and information in the implementation process.
A complete listing of GASB 87 leases was provided to the auditors for fiscal year 2022, and going forward, any new lease agreements need to be evaluated for inclusion into the yearly list that will be provided to the auditors.
Please send any new lease agreements for capital assets entered into in fiscal year 2023, whether ²ÊÃñ±¦µä is the lessee or lessor, to Justin Church (justin.church@colorado.edu) so that they can either be added to the GASB 87 listing or the listing of leases excluded from GASB 87.
Please also send any agreements that were canceled in fiscal year 2023 before the original end date to Justin in order to make sure they are terminated and removed from the financial statements.