Crunchafi

GASB 96 - Initial Application Date

The Initial Application Date for GASB 96 is the earliest fiscal period presented when applying the standard, effective for fiscal years starting after June 15, 2022, requiring retroactive restatement of prior financial statements if practicable, and in Crunchafi Lease Accounting, it is set per reporting entity in the Administration tab but is not the lease start date and typically not earlier than 2021 unless more than two years are presented.

What is the Initial Application Date for my organization under GASB 96?

GASB 96 is effective for fiscal years beginning after June 15, 2022, and all reporting periods thereafter. This statement should be applied retroactively by restating financial statements, if practicable, for all prior fiscal years presented. (Paragraph 63)

Initial Application Date in Crunchafi Lease Accounting

In the Administration tab, each Reporting Entity under GASB 96 is associated with the Initial Application Date. The date of the earliest period presented in which you are applying GASB 96 is your Initial Application Date.

Items to note:

  • The Initial Application Date is not the start date of your earliest lease.
  • The Initial Application Date under GASB 96 is generally not earlier than 2021 unless you present more than 2 years in your financial statements.