By: FinQuery + Sikich
GASB 87/96 Lessons Learned for SFFAS 54: Lease Accounting Transition Advice from the Experts
| Level Basic |
Subject Accounting |
Cost Free |
CPE Credits 1.00 hour |
Learning Objectives
- Completeness of Population: Discover best practices for initial scoping/population determination for both leases and SBITAs, and how to structure inter-departmental discussions to ensure you find every contract (a common pain point!).
- Defining the Arrangement: Clarifying the complex areas of short-term leases, contracts that transfer ownership, and applying state-mandated materiality thresholds.
- Real-World Application: Practical insights on key calculations like Lease Term (renewal/termination options), discount rates, and the measurement of the lease liability and asset.
- The Federal Hurdle: Insights into the upcoming SFFAS 54 embedded lease implementation, and how lessons from GASB 87/96 can inform your strategy.
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Meet the Speakers
Anthony Cervini, CPA, CFE
Local Government Audit Leader at Sikich |
Anthony M. Cervini, CPA, CFE, is the Local Government Audit Leader at Sikich. He has participated in hundreds of audits of municipalities and other governmental entities since starting with Sikich in 2005.
Anthony provides technical services to governmental clients in areas like auditing, financial reporting, internal controls, and budget development. He also serves as the current Chair of the Illinois CPA Society Government Report Review Committee and is a member of the GFOA Special Review Committee. Anthony holds a Bachelor’s Degree in Accounting from The University of Iowa and an MBA from Benedictine University.
David Buchanan, CPA
Senior Manager, Product Accounting at FinQuery |
David Buchanan is a Senior Manager in the Product Accounting and Operations Department at FinQuery. His background includes experience auditing both public and private companies at Ernst & Young. David holds a Master of Accountancy from the University of Tennessee and is a licensed CPA.
Matthew A. Geerdes, CPA, MBA
Principal at Sikich |
A principal at Sikich, Matt Geerdes, CPA, MBA, is a public accounting leader with over 24 years of experience providing auditing and consulting services. Matt works closely with entities in the government and not-for-profit sectors, including municipalities, state agencies and state universities, community colleges, school districts, special districts, and educational foundations. He regularly serves as a subject-matter expert on specific accounting topics pertaining to the Governmental Accounting Standards Board and the Financial Accounting Standards Board, authoring technical whitepapers and accounting memos, instructing educational courses on accounting and auditing topics, communications with standard setters and speaking at industry events across the country. Before joining Sikich, Matt spent years providing and leading public sector audit and consulting engagements at a large public accounting firm.
Cindy Lenet
Director at Sikich |
Cynthia Lenet is a Director with Sikich, a licensed CPA firm providing audit and advisory services to federal, state, and local governments. With over 15 years of experience in financial management and consulting, she specializes in Federal financial management, accounting support, addressing complex accounting and financial reporting issues, and audit remediation. Ms. Lenet has extensive expertise in implementing accounting standards, including lease reporting under both FASAB and FASB standards. She served on the FASAB lease task force that developed implementation guidance for SFFAS 54, Leases, and has successfully guided clients through the lease standard implementation, earning recognition such as the AGA Certificate of Excellence in Accountability Reporting for best-in-class informative lease disclosure.
Melissa Sizemore, CPA, CGFM
Principal at Sikich |
Melissa Sizemore, a Principal with Sikich (formerly Cotton), specializes in federal government audit and consulting. With extensive experience in financial consulting, accounting support, and audit remediation, she also possesses expertise in preparing and reviewing financial statements in accordance with OMB, FASAB, Treasury, and GAO standards, including SFFAS, USSGL, Intragovernmental reporting, and GTAS. Her specialties include A-136 Reporting, Fund Analysis, and USSGL.
Rachel Reed
Lead Senior Technical Accounting Consultant, FinQuery |
Rachel Reed is a Lead Senior Technical Accounting Consultant at FinQuery. Rachel’s experience includes working in the audit practice at Ernst & Young (EY), where she served clients across a wide variety of industries in both the public and private sectors. Rachel graduated from the University of Mississippi (Ole Miss) with both a Bachelor’s and Master’s degree in Accounting.
Course Description
CPE Details
Details
Program Level: Basic
Prerequisites: None
Advanced Preparation: None
Delivery Method: Online
Recommended CPE Credit: 1
Field of Study: Accounting
Who Should Attend
Accounting and finance professionals from federal government agencies who manage medium-to-high volume leases will benefit most from this event, along with CPAs who serve clients with a similar volume of leases.
Sponsor Statement
FinQuery, LLC is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: NASBAregistry.org. For more information regarding administrative policies such as complaints, please contact CPEinfo@finquery.com.
Program Cancellation Policy
If a program is cancelled, FinQuery will notify registrants via the email address that they used to register for the program.
