GASB 87 - LEASES
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The Governmental Accounting Standards Board (GASB) issued Statement No. 87 Leases which establishes a single reporting model for lease accounting to enhance the relevance and consistency of information about governments' leasing activity. GASB 87 changes the definition of a lease to eliminate the "capital" and "operating" differences. All leases meeting GASB 87 criteria require Lessees to recognize a lease liability and intangible right-to-use lease asset and Lessors to recognize a lease receivable and a deferred inflow of resources. Examples of nonfinancial assets include buildings, land, vehicles, and equipment. |
| GENERAL INFORMATION |
| GASB 87 Guidance |
| Provides step-by-step assistance for GASB 87 Questionnaire completion. This document
includes a present value of future minimum lease payments calculator as well. |
| GASB 87 Scope |
| Provides assistance in determing if an asset being rented/leased falls within the scope of GASB Statement No. 87. |
| Present Value Calculator |
| This document provides a calculation to assist when the Cash Purchase Price is not known. |
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| UGA AS LESSEE |
| GASB 87 New Lease Questionnaire - UGA as Lessee |
| This questionnaire is required to be completed by each UGA department that intends to lease a non-university owned asset, and should be attached to the related purchase requisition. |
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| UGA AS LESSOR |
| GASB 87 New Lease Questionnaire - UGA as Lessor |
| This questionnaire is required to be completed by each University of Georgia department that enters into a contract with an outside firm to lease a UGA owned asset. |
| UGA as Lessor - Amortization Template |
| UGA as Lessor - Department Procedure Guidelines |
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| TRAINING AND OTHER RESOURCES |
| GASB 87 Leasing Webinar Recording |
| GASB 87 SmartSheet Questionnaire Training Webinar Recording |
| GASB 87: Smartsheet Questionnaire Training – Powerpoint Slides (Powerpoint) |
| Tutorial: How to Pre-Populate Requisition Questions |
| Weekly Status Call Q&A |
| GASB Statement No. 87 - Leases - GASB Pronouncement |