GASB 87 – Leases
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.
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.
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
TRAINING AND OTHER RESOURCES
GASB 87 Leasing Webinar Recording
GASB 87: Understanding and Implementing the New Lease Accounting Standard (Powerpoint)
GASB 87 SmartSheet Questionnaire Training Webinar Recording