Leases-Statement 87-Stage One

Leases—Statement 87—Stage One

PIR Topic: Statement No. 87, Leases

Background: Statement 87 was issued in June 2017. Subsequent to Statement No. 95, Postponement of the Effective Dates of Certain Authoritative Guidance, it is effective for fiscal years beginning after June 15, 2021, and all reporting periods thereafter.

History:

PIR initiated: May 2019
Administration of cost and effort surveys commenced: January 2021
Archival data collection commenced: July 2022

Current Developments: Cost surveys for pre-implementation, implementation, and post-implementation years continue to be conducted and related reminders sent on a monthly basis, as applicable based on implementation dates provided by volunteers. Staff collected annual financial reports for archival analysis.

Work Plan:

Board Meetings	Activities
April–June 2023	Continue to conduct cost survey for volunteers that are implementing Statement 87 in accordance with the extended effective date and archival analysis for pre-implementation year.
June–December 2023	Analyze pre-implementation year data.
April 2023–June 2024	Conduct cost survey for volunteers that are implementing Statement 87 in accordance with the extended effective date and archival analysis for Statement 87 implementation year.
June 2023–December 2024	Analyze implementation year data.
January 2024–June 2025	Conduct cost survey for volunteers that are implementing Statement 87 in accordance with the extended effective date and archival analysis for post-implementation year.
June 2024–June 2026	Analyze post-implementation year data; prepare final summary for initial archival and survey results.
June 2026	Continue stage two activities.