DIB-R(1) Lease Accounting

Summary: Presented by: Mr. Byron Schueneman, Chief Financial Officer, Division of Finance

Request: It is requested that the Board of Education adopt new board regulation DIB-R (1) Lease Accounting.

Why: Board regulation DIB-R Lease Accounting is presented as a new regulation. The purpose is to ensure compliance with Government Accounting Standards Board (GASB) Statement No. 87, Leases. The new regulation discusses district procedures and GASB 87 requirements as a guide to help the district remain compliant with the new standard.

Details: GASB Statement No. 87, Leases went into effect for all reporting periods after June 30, 2021. To ensure the district’s continued compliance with GASB 87, Finance has developed a regulation to help in the lease accounting and reporting decision making process. This regulation should be used as a guide when deciding how lease agreements should be accounted for and reported on.

Financial impact: There is no financial impact to the district.

Contact: Mr. Byron Schueneman, Chief Financial Officer, Division of Finance, 678.676.0278
Mr. Lance McConkey, Finance Division Administrator, Division of Finance, 678.676.0445
Mr. Jim Dawson, Director of Financial Reporting, Division of Finance, 678.656.4399
Mr. Stephen Mayer, Capital Assets Manager I, Division of Finance, 678.521.2423

Effective: Upon Board approval

Status: Attorney approval not required