GASB - scope
Although the principles, standards and procedures of all accounting standards have the same basis, there are some areas where GASB principles deviate from other accounting standards (FASB in particular). These are listed below:
• Indexation method on renewal options - For renewal options, an indexation method is applied when the option is Reasonably certain or Applied. This indexation method replaces the indexation method specified on the contract line for the renewal period.
• Deferred inflow of resources - 'Deferred inflow' is the term used to conceptualize 'right-of-use' for a lessor indicating 'Lease receivable'.
• Reasonably certain lessor option - All lessor options can be reasonably certain. For other accounting standards, lessor termination options and renewal options are non-reasonably certain only.
• Short-term lease calculation - Short-term leases are always 'operating leases'. For contracts other than GASB, a short-term lease can be manually overruled and treated as a finance lease. This is strictly not allowed in GASB.
The
Contract portfolio report provides a comprehensive overview of lease information. For more details on this, see
Contract portfolio overview report.