What is GASB 87?

The Governmental Accounting Standards Board (GASB) is the source of generally accepted accounting principles used by state and local governments in the United States. Examples of entities that would use GASB would be states, the services departments of states such as the DMV or Child Services, school districts, airports, tribal nations, or universities.

GASB 87 is available in both the Contract and Equipment Contract modules. Access to the GASB 87 sub-modules is controlled by a firm setting that can be enabled by Accruent staff. If your firm has GASB 87 enabled, you will not be able to see the IFRS 16 sub-modules. However, you will still have access to all FASB functionality and as such will be able to have concurrent ASC 842 and GASB 87 schedules if and as necessary.

You can learn more about GASB on their website, www.gasb.org.

To learn more about the rules used for lease accounting in Lucernex, please see the Lease Accounting Rules and Logic walkthrough.