Last updated on November 2nd, 2022
Is your municipality stretched a little thin trying to meet GASB 87 requirements, much less GASB 96? Take heart – you’re likely not alone, but there is light at the end of the tunnel.
In a survey conducted at the end of May/beginning of June for Visual Lease Data Institute’s GASB readiness study, 44% of government survey participants indicated they weren’t completely prepared for GASB 87 and only 18% felt they had moved onto the maintenance phase. (Hopefully, a lot more are in the maintenance stage now.)
Beyond-stretched resources embarking on yet another learning curve for new lease policies, protocols, and technology seem to have little left in the tank to comply with GASB 96, which focuses on how government organizations account for Subscription-Based Information Technology Agreements (SBITAs) for fiscal years that start after June 15, 2022. In essence, you must do the same thing for software agreements as you did for leases. Hopefully, the second time around should be a bit easier.
If you’re finishing up your GASB 87 compliance efforts, here are resources that may help:
Changes Ahead for Governmental Lease Accounting by RBT CPAs
Lease Accounting Standard Changes FAQ by RBT CPAs
NYS Resources on GASB Standards
NYS Annual Financial Reports Filing Deadlines
The Complete Guide to GASB Lease Accounting by Governing.com
RBT CPAs has partnered with Trullion – a lease management software company – to use modern technology to streamline the process for initial GASB 87 compliance and ongoing maintenance. If you are interested in learning more about how this may benefit your organization, give us a call. If you have any questions or need clarification, please don’t hesitate to reach out to your RBT CPAs contact.