The GASB recently adopted a new standard for lease accounting by governments. The GASB follows due process, which refers to the steps taken prior to issuing authoritative guidance. Due process includes the issuance of preliminary documents available for review by the public, as well as other opportunities for individuals and groups to provide feedback to the Board regarding proposed accounting guidance. Search the GASB’s website at www.GASB.org under Standards & Guidance/
Pronouncements. Answer the following questions regarding due process for the new lease standard.

Required
a. What due process activities took place before issuance of the final lease standard? List dates each document was issued.
b. How many comment letters did the GASB receive in response to the due process documents?
c. Select one of the comment letters. Was the comment letter submitted by an individual or a group? Was the letter generally favorable or critical of the proposed standard? Do you agree with the position of the comment letter? Why or why not?
d. Review the Basis of Conclusions for the final statement. The Board concluded that all leases are essentially financing arrangements. What was the opposing view?