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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:
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.
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.
