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GASB 87 - Lease Accounting

UPDATE: Due to the COVID-19 pandemic the Governmental Accounting Standards Board (GASB) voted unanimously to delay the implementations of these GASBs for one year. The effective date for GASB 87, lease implementation will now be July 1, 2021 for fiscal year (FY) 2022. Current accounting guidelines for operating and capital lease will remain until June 30, 2021. All short-term, long-term and contingent rentals will continue to be paid as they are today throughout FY 2021. Click here to view the memo from our office. 

Guidance and Helpful Links

GASB Statement No. 87 - Leases

Lease Accounting Checklist

Lease Accounting Questions & Answers

Lease Calculator for Creating Amortization Schedules

Sample Completed Lease Calculator

SCEIS Capital Lease Functionality

New Lease Expenditure GLs (Effective July 1, 2020)

Asset Class Listing (Effective July 1, 2020)

Interest Rates

Guidance for Implicit Interest Rates

Real Estate

IRS Implicit Rates for Real Estate

Equipment and Machinery

Interest Rates as Specified in Contract with MMO IT Equipment Leasing

Federal Reserve Prime Rate "Bank Prime Loan" Rate