SFFAS 54, Leases, is effective for fiscal years beginning on or after October 1, 2023. Federal agencies should start considering how their leasing transactions must be accounted for on the balance sheet as we move forward.
Danny Martinez, Government & Public Sector Accounting Advisory Lead, sat down with Ward Melhuish, Federal Government Sector Advisory Leader, to discuss the first of four steps federal agencies should follow in their SFFAS 54 implementation process.
Part of our GPS podcast series, and the first in our SFFAS 54, Leases, mini-series, this episode covers:
- Considerations when beginning the SFFAS 54 implementation process
- Training to help understand SFFAS 54
- Criteria for an SFFAS 54 implementation team
- Takeaways from large federal project implementation teams
- Template development and creation
- Transition period and process
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 Insights:
- Article: SFFAS 54, Leases Is Coming: What Should Your Federal Agency Do About It Today?
- Webinar: Introduction to the Federal Leasing Standard SFFAS 54
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