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 Insights:

• Podcast: Initial SFFAS 54 Implementation Considerations for Federal Agencies
• Podcast: Identifying Complete Leasing Populations for SFFAS 54 Implementation
• Article: SFFAS 54, Leases Is Coming: What Should Your Federal Agency Do About It Today?
• Webinar: Introduction to the Federal Leasing Standard SFFAS 54