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Legislative Year: 2021 Change
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Bill Detail: HB21-1316

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Title Conform The Term Lease Purchase To Accounting Standards
Status Senate Third Reading Passed - No Amendments (06/04/2021)
Bill Subjects
  • Fiscal Policy & Taxes
House Sponsors D. Valdez (D)
A. Pico (R)
Senate Sponsors D. Moreno (D)
B. Kirkmeyer (R)
House Committee State, Civic, Military and Veterans Affairs
Senate Committee State, Veterans and Military Affairs
Date Introduced 05/14/2021
Summary

Statutory Revision Committee. The state controller is required
to prescribe a unified system of accounts and prepare financial statements
based on systems set forth by the governmental accounting standards
board (GASB). Statement number 87 by GASB, which affects state and
local government fiscal years after June 15, 2021, requires that a contract
that transfers ownership of an asset be accounted for and reported as a
financed purchase or sale of an asset, regardless of whether the contract
is labeled by the parties as a lease.
Effective July 1, 2021, the bill replaces the term lease-purchase
agreement, and, as necessary to effectuate the purpose of the bill,
substantially similar terms, with financed purchase of an asset or
certificate of participation agreement, and, as necessary to effectuate the
intent of the bill, substantially similar terms, throughout the Colorado
Revised Statutes to clarify that, in accordance with GASB requirements,
any such state or local public contract is to be accounted for and reported
by the state controller as a financed purchase or sale of the underlying
asset rather than as a lease.

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Fiscal Notes Fiscal Notes (05/19/2021) (most recent)  
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