The Governmental Accounting Standards Board (GASB) recently released GASB Statement No. 87, Leases. This project is a bit unusual in that it basically mirrors a similar recent project of the Financial Accounting Standards Board. In the end, both the private sector and the public sector will be accounting for operating lease arrangements in basically the same way. When implemented, this standard will change how the accounting and financial reporting is done for most operating lease arrangements, with very limited exceptions. The standard will not affect, however, how capital lease arrangements are currently accounted for and reported.