Feb 16, 2016
From the Financial Reporting Network
The GASB recently issued an Exposure Draft, Leases, which would establish a single model for lease accounting by state and local governments based on the principle that leases are financings of the right to use an underlying asset. The proposal would require a lessee to recognize a lease liability and an intangible right-to-use lease asset while a lessor would recognize a lease receivable and a deferred inflow of resources. The proposal would be effective for reporting periods beginning after December 15, 2018. Earlier application would be permitted. The comment period ends May 31.