Are You Ready for GASB-87?


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What is GASB-87?

GASB-87 is the new lease accounting standard for governmental entities that becomes effective for reporting periods beginning after June 15, 2021 (June 30, 2022 audits will be first). Governmental entities are required to:

  • Consolidate their lease agreements (lessee and lessor - copiers, vehicles, real estate, water tower cell lease, among others)
  • Test to determine whether they’re subject to the reporting requirements
  • Calculate schedules
  • Update their audit with this new information 

Cloud Technology vs Spreadsheets

Cloud based software can significantly ease the implementation workload for finance teams. With a white-glove implementation experience, software can:

  1. Organize Leases
  2. Test for Compliance
  3. Extract Data
  4. Create Schedule, Journal Entries, & Year-End Audit Notes

Software can even help with ongoing lease collection and compliance. Collaboration with internal team members and your outside auditors is seamless.   

How DebtBook Can Help

DebtBook delivers a complete solution to address all three phases of challenges faced by organizations looking to implement GASB-87:

Upfront Lease Organization & Data Extraction
You drag and drop your leases. Then our team helps organize and extract data from all of your leases (or suspected leases) and tests the leases while documenting our work. Next, we load the data into the application for you to verify.
Schedule Creation
DebtBook generates all schedules necessary to comply with GASB-87. Share with your team and external auditor(s) for use and verification.
Ongoing Lease Collection & Compliance
Our lease aggregation tool helps you painlessly (for you and them) collect leases from other professionals in your organization.

This entire process is designed to be straight-forward and painless. We've built the easy-to-use, affordable, and complete solution for governmental finance teams that's designed by governmental finance teams.

Give us just 30 minutes to show you how we make GASB-87 compliance easy and produce results that you will be confident in.

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