Skip Navigation or Skip to Content

Print Featured image on news government-lease-implementation-in-the-cnmi-and-guam

Government Lease Implementation in the CNMI and Guam

From September 7-16, 2022, the Pacific and Virgin Islands Training Initiatives (PITI-VITI) offered on-site training to the Guam and CNMI governments to support the implementation of new lease accounting standards.

The new GASB standards have altered the historical landscape of how lease accounting has always been performed and recently became effective. The GASB 87 standard does away with the methodology of previous leasing accounting but also introduces new concepts for what is a lease and what is not a lease. As a result of this critical change in the new GASB Accounting standards, PITI-VITI responded to the request for in-person training from the CNMI’s Department of Finance and Guam’s Office of Public Accountability and Department of Administration.

Participants met in a classroom format on the initial training day and then attended one-on-one meetings to work with subject matter experts to apply course concepts and review, discuss and analyze their respective leases. Personalized consultations and on-site meetings with government organizations included an Excel analytical tool, allowing participants to accurately classify and interpret their respective leases and calculate the associated financial impact. A final day closing session was offered to enable participants to review findings and ask questions.

Forty-eight CNMI and 106 Guam participants attended the training. Remote follow-up support will be provided to insular government agencies as they finalize their single audits and implement the new standard.

This training was supported by the U.S. Department of the Interior’s Office of Insular Affairs and delivered by the Pacific & Virgin Islands Training Initiatives.

 

GASB Lease Training (CNMI/Guam)

Choose Topics

accept-rols

Thank You for Subscribing to the PITI-VITI Mailing List!

border
Telegram icon

Subscribe to our

Mailing List

Thanks for your interest in PITI-VITI and our programs! To sign up to received notifications, please enter your email address below and indicate which topics you're interested in. We do not share your information, and you can opt out of our mailing list at any time.

News Detail Page icon Government Lease Implementation in the CNMI and Guam

Government Lease Implementation in the CNMI and Guam

Featured image on news government-lease-implementation-in-the-cnmi-and-guam
Members of the CNMI Department of Finance worked with Mr. Frank Crawford, CPA, and Mr. Chris Pembrook on understanding and implementing the GASB 87 Lease Training.

From September 7-16, 2022, the Pacific and Virgin Islands Training Initiatives (PITI-VITI) offered on-site training to the Guam and CNMI governments to support the implementation of new lease accounting standards.

The new GASB standards have altered the historical landscape of how lease accounting has always been performed and recently became effective. The GASB 87 standard does away with the methodology of previous leasing accounting but also introduces new concepts for what is a lease and what is not a lease. As a result of this critical change in the new GASB Accounting standards, PITI-VITI responded to the request for in-person training from the CNMI’s Department of Finance and Guam’s Office of Public Accountability and Department of Administration.

Participants met in a classroom format on the initial training day and then attended one-on-one meetings to work with subject matter experts to apply course concepts and review, discuss and analyze their respective leases. Personalized consultations and on-site meetings with government organizations included an Excel analytical tool, allowing participants to accurately classify and interpret their respective leases and calculate the associated financial impact. A final day closing session was offered to enable participants to review findings and ask questions.

Forty-eight CNMI and 106 Guam participants attended the training. Remote follow-up support will be provided to insular government agencies as they finalize their single audits and implement the new standard.

This training was supported by the U.S. Department of the Interior’s Office of Insular Affairs and delivered by the Pacific & Virgin Islands Training Initiatives.

 

GASB Lease Training (CNMI/Guam)

Newsroom Icon 1 PITI-VITI Newsroom

Newsroom 1 NEWSROOM

Island Finance in Focus: Advancing Timely Audits and Regional Coordination at the IGFOA 2023 Winter Meeting

Calendar iconDec 21, 2023

news widget detailed news by  Monique WedderburnMonique

Explore highlights from the IGFOA 2023 Winter Meeting in Honolulu, where finance leaders from Pacific island jurisdictions convened to address challenges in government auditing and financial management. This meeting emphasized the importance of timely single audits, regional cooperation, and...

news subscribe icon Island Finance in Focus: Advancing Timely Audits and Regional Coordination at the IGFOA 2023 Winter MeetingMore Info

The Pacific and Virgin Islands Training Initiatives Successfully Concludes Grants Training in American Samoa

Calendar iconNov 02, 2023

news widget detailed news by  Monique WedderburnMonique

With support from the Department of the Interior - Office of Insular Affairs, the Pacific and Virgin Islands (PITI-VITI) successfully held grant training in American Samoa from October 24 to October 30, 2023.

news subscribe icon The Pacific and Virgin Islands Training Initiatives Successfully Concludes Grants Training in American SamoaMore Info