UPDATE: Due to the COVID-19 pandemic the Governmental Accounting Standards Board (GASB) voted unanimously to delay the implementations of these GASBs for one year. The effective date for GASB 87 (Leases) implementation will now be July 1, 2021 for fiscal year (FY) 2022. The effective date for GASB 96 (Subscription-Based Information Technology Arrangements) implementation will now be July 1, 2022 for fiscal year (FY) 2023. Current accounting guidelines for operating and capital lease will remain until June 30, 2021. All short-term, long-term and contingent rentals will continue to be paid as they are today throughout FY 2021. Click here to view the memo from our office.
Guidance and Helpful Links
GASB Statement No. 87 - Leases
GASB 87 Implementation Guide No. 2019-3, Leases
GASB 87 Implementation Guide No. 2021-1, Implementation Guidance Update-2021
GASB 87 Lease Accounting Checklist
GASB 87 Lease Accounting Questions & Answers
GASB 87 New Lease Expenditure GLs (Effective July 1, 2021)
Asset Class Listing (Effective July 1, 2021)
GASB Statement No. 96 - Subscription-Based Information Technology Arrangements
3.09 Lease Reporting Reconciliation Support
3.09 Lease Reporting Package Step-by-Step Procedures (PDF)
To Change/Transfer Asset Class - Without Budget or Cash Impact (PDF)
To Add Value/Capitalize a Leased Asset - ABZON (PDF)
To Reduce Asset Value (Partial Retirement) OR Retirement of Leased Asset - ABAVN (PDF)
- Note: Use transaction code AB08 to reverse Asset Documents
Part 1 Reconciliation File Overview (Video)
Part 2 Monthly Reconciliation Distribution Report - BOBJ Tutorial (Video)
Part 3 Reconciling GL to Payment Schedule (Video)
Part 4 Reconciliation Potential Difficulties and How to Handle (Video)
3.11 SBITA Reporting Reconciliation Support
3.11 Reporting Package Reconciliation Walk-through (Video)
Interest Rates
Guidance for Implicit Interest Rates
Real Estate
IRS Implicit Rates for Real Estate
Equipment and Machinery
Implicit Rates for Machinery and Equipment
Federal Reserve Prime Rate "Bank Prime Loan" Rate
SBITA
Federal Reserve Prime Rate "Bank Prime Loan" Rate
Memos
GASB 87 Lease Implementation Guidance Update (06-25-2021)
Video Tutorials
GASB 87 Implementation
Step 1: GASB 87 Lease Implementation
Step 2: Lease Calculator for GASB 87
Step 3: Amortization Schedules in Lease Implementation File
Step 4: Setting Up Data to Create Asset Schedule for SCEIS
Step 5: Verifying the Create Asset Tab is Correct
Steps 7 - 10: Completing GASB 87
GASB 96 Implementation
Example Contract Review and Implementation File Setup
Prepaid SBITAs: How to Handle During Implementation