[ACFR-contacts-news] OAMs Out-for-comment - GASB 87, Leases

[CHASE Stacey A * DAS]

Good day.

As you may know, GASB Statement No. 87, Leases, amends the reporting and recognition standards associated with contracts that meet the definition of a lease. That being, a contract that conveys control of the right to use another entity's nonfinancial asset as specified in the contract for a period of time in an
exchange or exchange-like transaction.

To incorporate the new lease reporting and recognition standards into the OAM, the below policies have been updated.

OAM 15.40.00 Expenditures - updates limited to formatting and the elimination of "operating lease" and "capital lease".
OAM 15.60.10 Classification Capitalization
OAM 15.60.20 Depreciation
OAM 15.60.30 Leases (formerly titled Capital Leases)
OAM 15.60.40 Intangible Assets
OAM 15.80.00 Commitments - updates limited to formatting and the elimination of "operating lease" and "capital lease".
OAM 15.97.00 Agency Financial Reporting - updates limited to formatting and the elimination of "operating lease" and "capital lease".

Each of the above policy updates are available on the OAM website<https://www.oregon.gov/das/Financial/Acctng/Pages/OAM.aspx> and include a "clean" and "track changes" version.

Please review the proposed edits to the above OAMs and provide comments to me by close of business Monday, September 13.

Additional GASB 87 updates associated with OAM Chapters 60 and 65 will be forthcoming. Please let me know if you have any questions. Thank you.

Happy reading!
S :)

Stacey A. Chase
Senior Financial Reporting & Policy Analyst
Chief Financial Office
Department of Administrative Services
Call via Teams or (971) 900-9993
https://www.oregon.gov/das/financial/acctng/pages/index.aspx

Data Classification: Level 1 - Published

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