The GASB issued Statement No. 87, Leases in June 2017 to amend the guidance regarding the accounting and reporting related to leases. As is customary for new standards, the GASB provides implementation guidance via the standard and implementation guides. The GASB has released the Implementation Guide No. 2019-3, Leases. The implementation guide contains several questions and answers (Q&As) that provide additional guidance as well as background, illustrations and codification instructions.

Issue 1: Lease Term

Issue 2: Short-Term Leases

Issue 3: Contract That Transfer Leases

Issue 4: Lease Recognition and Measurement for Leases Other Than Short-Term Leases and Contracts That Transfer Ownership

Issue 5: Notes to Financial Statements-Lessees

Issue 6: Lessor Recognition and Measurement for Leases Other Than Short-Term Leases and Contracts That Transfer Ownership

Issue 7: Notes to Financial Statements- Lessors

Issue 8: Lease Incentives

Issue 9: Contracts with Multiple Components

Issue 10: Contract Combinations

Issue 11: Lease Modifications and Terminations

Issue 12: Sale-Leaseback Transactions

Issue 13: Lease-Leaseback Transactions

Issue 14: Intra-Entity Leases

The requirements of this implementation guide are effective for financial reporting periods beginning after December 15, 2019. Earlier application is encouraged, if Statement No. 87, Leases has been implemented.

The full text of the implementation guide is available here.

^{Readers should not act upon information presented without individual professional consultation.}