GASB 87 & GASB 96: Basic Principles to Advanced Practices
The session provides a comprehensive overview of GASB 87 and GASB 96, detailing lease recognition, measurement, disclosure, subscription-based IT arrangements, and lease modifications to help organizations achieve accurate lease accounting and compliance.
GASB 87 & GASB 96: Basic Principles to Advanced Practices
This session covers key principles of GASB 87 and GASB 96, ranging from foundational to advanced concepts. The webinar discusses:
- Lease recognition, measurement, and disclosure under GASB 87
- Subscription-based IT arrangements (SBITAs) in GASB 96
- Handling lease modifications for real-world compliance
The content is designed to help organizations understand and implement the requirements of GASB 87 and GASB 96 for effective lease accounting and compliance.
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Navigate GASB 87 and 96 Standards with Accounting Solutions
The article explains how government entities must adapt to GASB 87 and 96 standards by accurately recognizing and disclosing leases and subscription-based IT arrangements, emphasizing the importance of understanding these requirements and utilizing specialized accounting software to automate compliance, manage lease and subscription terms, and ensure precise financial reporting.
Sample Lease Accounting Reports
The Sample Lease Accounting Reports provide various exportable report types—including Journal Entries, Amortization Schedules, Footnote Disclosures, and All Lease Data—across ASC 842 Lessee and Lessor, GASB 87 Lessee and Lessor, and GASB 96 standards, each export featuring three tabs (Data, Criteria, and Lease) to display selected data, filters, and lease details, with some reports offering functional currency translation options.
In the News: FASB Releases 2022 GAAP Taxonomy
The Financial Accounting Standards Board (FASB) released its 2022 GAAP Taxonomy update, introducing new reporting elements such as credit losses excluding accrued interest, reinsurance contracts, pledged assets, debt obligations with recourse, changes in reporting entity, balance sheet offsetting, and financial statement location clarifications, while also deprecating obsolete guidance, refining labels, and modifying references to enhance clarity and usability for accounting and financial reporting.
Accounting for Every Lease Type | Webinar
In the webinar "Accounting for Every Lease Type," Jess Vento and Matt Jensen explain the differences in accounting treatments for real estate, vehicle, and equipment leases under ASC 842 and GASB 87, highlighting classification criteria, common challenges, and best practices for compliance.
Lease Accounting Software
Crunchafi is a lease accounting software designed for CPA firms that automates complex lease accounting tasks by enabling collaborative data entry via a dual-access dashboard, generating instant audit-ready reports including journal entries and amortization schedules, utilizing AI to extract lease details from contracts for faster accuracy, and providing expert support and annual SOC compliance reports to ensure streamlined, compliant, and efficient lease accounting processes.
Crunchafi Lease Accounting Tools
Crunchafi Lease Accounting Tools offers a suite of resources including readiness assessments for new lease standards and GASB 96, ASC 842 preparation checklists, lease review checklists for office and vehicle leases, and an embedded lease identifier to help organizations comply with lease accounting requirements.