Simplify Your GASB 87 & 96 Compliance
Don’t spend thousands of dollars to have your outside accounting service provider set up and manage your leases when you can do it yourself with the BUCS Lease tracking Module. The Lease Module incorporates functionality for tracking and reporting Leases (Short Term, Long Term Non-Transferring, & Subscriptions). GASB 87 mandates the Lessee include all Leases on the Balance Sheet. This enhanced reporting requirement enables government entities better insight into the Lease obligations of their organization. GASB 96 aims to improve transparency and consistency in how governments account for and report subscription-based IT arrangements, similar to existing lease standards.
Recognition: Governments must recognize subscription assets and liabilities on their balance sheets, reflecting the right to use the software and the obligation to make payments.
Measurement: The subscription liability is measured at the present value of future payments, while the subscription asset reflects the amount recognized as an expenditure and any related deferred outflows.
Disclosures: Governments are required to disclose information about their subscription arrangements, including the terms and conditions, the nature of the assets, and the liabilities.
If this sounds like a module that would enhance your operation, contact Sales at sales@freymunicipalsoftware.com or 800.659.3739 for additional information and a quote to add the Lease Module to your BUCS system.
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