In this live event, LeaseQuery’s lease accounting experts will describe what triggers a lease modification and how to account for them under the new governmental lease standard, GASB 87. The second half of this presentation will include a comprehensive example of a lease modification within the framework of GASB 87. This example will begin with an explanation of what triggers a lease modification and walk through the adjusting journal entries required for both lessees and lessors.
Rachel Reed is a Technical Accounting Manager at LeaseQuery. Rachel's experience includes working in the audit practice at EY, where she served clients across various industries in both the public and private sectors. Rachel graduated from the University of Mississippi (Ole Miss) with a Bachelor's degree and a Master's degree in Accounting.
Abdi Ali is a Technical Accounting Manager at LeaseQuery. Prior to joining LeaseQuery, he began his career as an audit intern at Grant Thornton LLP and soon after joined full time as an audit associate. While at Grant Thornton, he assisted in the audits of various privately-held entities. Ali also has experience as a Corporate Accountant from positions he held after his time at Grant Thornton. Abdi earned a bachelor’s degree in Accounting followed by a master’s degree in Professional Accountancy from Georgia State University’s Robinson College of Business.
LeaseQuery helps more than 10,000 accountants and other finance professionals eliminate lease accounting errors through its CPA-approved lease accounting software. It is the first lease accounting software built by accountants for accountants. By providing specialized consulting services in addition to its software solution, LeaseQuery facilitates compliance with the most comprehensive regulatory reform in 40 years for companies across all sectors. For more information about LeaseQuery, visit LeaseQuery.com.