NAFOA will host a webinar on Wednesday, July 18 at 1:00 p.m. EST to help your tribe prepare for a new accounting change that could require a lengthy review of your leases.
Tribal governments that are both a lessee and a lessor for land, facilities, equipment and slot machines will see significant changes in accounting standards starting in December of 2019. The GASB Statement 87 is based on the foundational principle that all leases are essentially financings of the right to use an underlying asset.
In the past, a footnote disclosure was all that was required, but the new standard requires significant changes that could impact debt ratios. Preparation for the new lease standards to slot machines, slot machine software, land leases, fleet equipment, and other potential leases is essential.
The webinar will be co-presented by BKD CPAs & Advisors.