Reporting, Disclosures and Go-Forward for SFFAS 54 Implementation

04/06/23 • 21 min

Cherry Bekaert: Government & Public Sector

With SFFAS 54, Leases, effective for fiscal years beginning on or after October 1, 2023, federal agencies should consider their implementation process. Once agencies have identified key stakeholders, and completed lease populations and systems, Cherry Bekaert’s fourth suggested step in the process is to create the entries and disclosures necessary to account for leases.

Danny Martinez, Government & Public Sector (GPS) Accounting Advisory Lead, connected with Jason Parker, Senior Alliance Manager at LeaseQuery, to discuss the fourth and final step that federal agencies should follow.
Part of our GPS podcast series, and the fourth in our mini-series on SFFAS 54, Leases, this episode covers the:

Importance of using a reporting tool
Challenges a reporting tool solves
Considerations for federal nuances of this leasing standard
Useful reports and information to supplement standard journal entries and disclosures
Best practices for phase four of SFFAS 54 implementation

If you have any questions specific to your business needs, Cherry Bekaert’s Government & Public Sector team is available to discuss your situation with you.

Related Resources:

View All Podcasts in this Series

Importance of using a reporting tool
Challenges a reporting tool solves
Considerations for federal nuances of this leasing standard
Useful reports and information to supplement standard journal entries and disclosures
Best practices for phase four of SFFAS 54 implementation

If you have any questions specific to your business needs, Cherry Bekaert’s Government & Public Sector team is available to discuss your situation with you.

Related Resources:

View All Podcasts in this Series

Previous Episode

Policy and Procedure Considerations for SFFAS 54 Implementation

With SFFAS 54, Leases, effective for fiscal years beginning on or after October 1, 2023, federal agencies should be considering their implementation process. Once agencies have identified key stakeholders and their complete lease populations, Cherry Bekaert’s third suggested step in the process is to develop policies and procedures and identify systems.

Danny Martinez, Government & Public Sector (GPS) Accounting Advisory Lead, sat down with Jack McKee, Manager in GPS, to discuss these third of four steps that federal agencies should follow.
Part of our GPS podcast series, and the third in our mini-series on SFFAS 54, Leases, this episode covers the:

Importance of assessing current state of policies and procedures
Identification of what needs to be updated in policies and procedures
Impact on chart of accounts and lease capture
New policy and procedures considerations due to SFFAS 54
Best practices for phase three of SFFAS 54 implementation

If you have any questions specific to your business needs, Cherry Bekaert’s Government & Public Sector team is available to discuss your situation with you.

Related Resources:

View All Podcasts in this Series

Next Episode

GASB 96 Considerations for Airports

GASB Statement No. 96, Subscription-Based Information Technology Arrangements (SBITA), is in effect for fiscal years beginning after June 15, 2022. This podcast episode will focus on GASB 96 implementation and its implications in airports.

Scott Anderson, a Director on Cherry Bekaert’s Government & Public Sector (GPS) team who has recently returned from his GASB fellowship, and Jim Holman, Digital Advisory Services Strategy & Operations Leader, sat down with Danny Martinez, Government & Public Sector Accounting Advisory Lead, to discuss GASB 96, airports and the implementation process.

Part of our GPS podcast series, this episode covers:

GASB 96 overview and initial considerations for airports
Key software and other technologies used by airports
Determining which technologies are SBITAs
Challenges when identifying the completeness of the SBITA population
Challenges that may affect airports and who will need to address them
Additional changes or GASB standards that airports should look out and prepare for

If you have any questions specific to your business needs, Cherry Bekaert’s Government & Public Sector team is available to discuss your situation with you.

Related Resources:

View All Podcasts in this Series