Q How do you record a lease where the only lease payment was made years ago and the school district is not collecting any annual payments on the lease?

A The beginning date of implementation for school districts is July 1, 2020 for the year ended June 30, 2021. Paragraph 94 of GASB 87 states that leases should be recognized and measured using the facts and circumstances that existed at the beginning of the period of implementation, which would be July 1, 2020. For existing leases, you would act as though the day of implementation was the first day of the lease and calculate it going forward.