GASB Establishes Single Approach for Reporting Leases

NORWALK, Conn.–(BUSINESS WIRE)–The Governmental Accounting Standards Board (GASB) today issued guidance that establishes a single approach to accounting for and reporting leases by state and local governments. This single approach is based on the principle that leases are financings of the right to use an underlying asset. GASB Statement No. 87, Leases, provides guidance for lease contracts for nonfinancial assets—including vehicles, heavy equipment, and buildings—but excludes nonexchange tra
Source: BusinessWire-Primary

GASB Establishes Single Approach for Reporting Leases