GASB 96 Effective Dates & How To Use Crunchafi Lease Accounting

The document explains two implementation options for GASB 87 and GASB 96 lease accounting standards using Crunchafi Lease Accounting: either simultaneously by creating two Reporting Entities with the same Initial Application Date or separately with different Initial Application Dates (GASB 96 typically one year later), detailing how to add leases and run reports by selecting the appropriate standard and Reporting Entity.

While GASB 87 & 96 have different effective dates, some organizations choose to implement at the same time.

Option 1: Implement GASB 87 & 96 at the same time

When choosing to implement GASB 87 and GASB 96 at the same time, users will create two Reporting Entities, selecting different standards and using the same Initial Application Date. More details can be found in the GASB 87 Initial Application Date documentation.

When adding leases, select the accounting standard for GASB 87 and then the appropriate Reporting Entity.
When adding leases, select the accounting standard for GASB 96, the appropriate Reporting Entity, and the Asset Type of GASB 96 - SBITA.
When running reports, select the standard, and the My Leases screen will show only those assets assigned to the standard selected.

Option 2: Implement GASB 87 & 96 separately

When choosing to implement GASB 87 and GASB 96 with different Initial Application Dates, users will create two Reporting Entities. The Initial Application Date for GASB 96 is one year later than GASB 87 unless the organization chose to early adopt. More details can be found in the GASB 87 Initial Application Date documentation.

When adding leases, select the accounting standard for GASB 87 and then the appropriate Reporting Entity.
When adding leases, select the accounting standard for GASB 96, the appropriate Reporting Entity, and the Asset Type of GASB 96 - SBITA.
When running reports, select the standard, and the My Leases screen will show only those assets assigned to the standard selected.