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VSCPA Supports GASB Proposal on Leases

 

VSCPA Supports GASB Proposal on Leases

May 19, 2016

Director of Research and Technical Activities
Project No. 3-24E
Governmental Accounting Standards Board
401 Merritt 7, PO Box 5116
Norwalk, CT 06856-5116

Submitted via email to [email protected]

Re: Leases (Project No. 3-24E)

Dear Director of Research and Technical Activities:

The Virginia Society of CPAs (VSCPA) Accounting and Auditing Advisory Committee has reviewed the proposed Exposure Draft, Leases issued by the Governmental Accounting Standards Board (the Board). The VSCPA is a leading professional association dedicated to enhancing the success of all CPAs and their profession by communicating information and vision, promoting professionalism, and advocating members’ interests. VSCPA membership consists of more than 12,000 individual members who actively work in public accounting, private industry, government and education. We appreciate the work the Board has undertaken on this effort and the opportunity to respond to this Exposure Draft.

Overall, we agree with the requirements of the Exposure Draft. We support the Board’s efforts to establish a single model for lease accounting that aligns with the pronouncements of the Financial Accountings Standard Board. We believe the proposed statement will enhance the comparability of governmental financial statements, provide more relevant information for financial statement users and bring governmental accounting more in line with other standard setting bodies. 

Again, the VSCPA appreciates the opportunity to respond to this Exposure Draft. Please direct any questions or concerns to VSCPA Vice President, Advocacy Emily Walker, CAE, at [email protected] or (804) 612-9428.

Sincerely,
Charles M. Valadez, CPA, CGMA, CITP
Chair
2016–2017 VSCPA Accounting & Auditing Advisory Committee
Charles Valadez, CPA — Chair
Joshua Keene, CPA — Vice Chair
Zachary Borgerding, CPA
Michael Cahill, CPA
Tamara Greear, CPA
Brett Simer, CPA
M. James Hartson, Jr., CPA
Ashleigh Smith, CPA
Kulthida Strey, CPA
Forrest Wagoner, II, CPA
Mulugeta Wondimu, CPA

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