The subject of the webinar will be a discussion of the recently issued Governmental Accounting Standards Board (GASB) Statement No. 87, which changes the way entities will account for lease transactions. Under previous guidance, leases were classified as capital leases or operating leases. GASB 87 modifies this requirement and has redefined all leases as financings of the right to use an underlying asset. This new standard will mandate that entities review their existing lease agreements for modifications to their accounting and financial reporting of leases in future years.