The GASB 87 Complete package from Visual Lease provides a fully-supported path to GASB 87 compliance in 50 business days or less. No compromises, gotchas, or hidden fees.
All your leases in a single
Centralize your leases, surface clauses, obligations, critical effective & implementation dates, and manage changes for any asset you lease (or lease out) all in one place.
This includes real estate, equipment, land, and anything else – on both sides of the transaction – as well as line items you may not have thought of as leases before, like subleases, master leases, embedded leases, and other special scenarios. No matter the situation, our GASB lease accounting software can keep your leases compliant & organized.
Automate GASB 87 compliance with accurate reports.
Generate the journal entries, disclosures, reports and footnotes you need to stay GASB 87 compliant, automatically.
Leverage our library of one-click report templates built by lease accounting experts with transparent calculations backed by a SOC I Type II certification. Or, set up reports on the fly with our robust ad-hoc reporting engine.
Maintain GASB 87 compliance
through every modification.
Leases change, and so do the requirements. Stay audit-ready with software that can keep up, and manage even the most complex remeasurements with simple calculations.
Track every change with a comprehensive audit trail and make sure every action is by the book with integrated internal controls.
Expert advice at every stage.
Every implementation gets a dedicated team to help you get up to speed, get compliant, and get the most out of our software in 90 days or less.
Once you’re up and running, our team of experienced accountants, attorneys, and lease managers is here to help as your leases – and the regulatory requirements – evolve.
GASB 87 Frequently Asked Questions
GASB 87 was released by the Governmental Accounting Standards Board (GASB) and outlines new requirements for lease accounting for governmental entities with significant impacts on financial statements.
Under the current GASB guidance, organizations do not report operating lease agreements in their financial statements.
GASB 87 replaces the current operating and capital lease categories with a single model for lease accounting based on a definition of leases as contracts that convey control of the right to use a non-financial asset. The new rules require lessees to recognize a lease liability and an intangible asset while lessors are required to recognize lease receivables and a deferred inflow of resources on their financial statements.
GASB 87 impacts government entities and public institutions in higher education, healthcare and more.
Organizations are required to become GASB 87 compliant for fiscal periods beginning after June 15, 2021.
Implementing GASB 87 can be complex, but we can help. There are four things you need to have done before you can successfully be GASB 87 compliant:
- Understand the full extent of your lease portfolio
- Determine the type of leases
- Identify & collect all the data points needed for lease calculations
- Implement the new lease accounting methodology
For a more detailed explanation about becoming GASB 87 compliant, head over to our What you need to get compliant with GASB 87 blog page.
Visual Lease’s GASB 87 lease accounting software is the perfect tool to keep all of your leases in one single location, while making sure you stay completely GASB 87 compliant.
When you’re organizing your lease data and documentation, you need to understand not only what types of leases you have, but whether they’re required to appear on the balance sheet as well. That’s because GASB 87 differs from ASC 842 and IFRS 16 when it comes to short-term leases. For example, under GASB 87, if there is any option to extend a lease past 12 months, regardless of the likelihood to exercise, it is not able to be considered a short-term lease. Luckily, GASB 87 lease accounting software can streamline the process of organizing your lease portfolio and understanding how this information needs to be reported on your financial statements.
For detailed documentation on GASB 87 from the Governmental Accounting Standards Board of the Financial Accounting Foundation, please click here.