Skip to Main Content

FY2022-20: Governmental Accounting Standards Board (GASB) 87 Leases: Invitation to virtual meeting with representatives from Grant Thornton and the Office of the Comptroller, May 13 from 10:00 A.M. – 12:00 P.M.

Fiscal Year Memo header image

The Governmental Accounting Standards Board (GASB) is an independent, private-sector organization that sets accounting and financial reporting standards for U.S. state and local government entities, utilizing Generally Accepted Accounting Principles (GAAP). The GASB standards are recognized as authoritative by state and local governments. GASB regularly review its standards, updates them, and issues new standards that government entities must follow.

Recently, GASB established GASB Statement 87 that deals with the accounting and reporting standards involving leases, which goes into effect for the fiscal year 2022 audit. The Comptroller’s Office (CTR) has been working with Grant Thornton, a professional services provider of independent accounting and consulting services, to implement this new statement.