The Government Accounting Standards Board (GASB) issued Statement No. 87, Leases, the changes required by these new rules affected nearly all governmental entities and related GASB reporting organizations that operate as lessees, lessors or both. GASB 87 requires a significant shift in how organizations account for leases for fiscal years beginning after June 15, 2021.
To become compliant, state and local governments and related organizations will likely require system, administrative and organizational process enhancements to sustain compliance with the new standard.
RSM recommends implementing industry-leading accounting software built for government entities to reduce the compliance risks associated with GASB 87. RSM offers a comprehensive approach to adopting the new standard through a multi-phased accounting and technology assessment followed by implementation of accounting policies, operational changes, lease abstraction and a supporting technology platform. Our software solution is tailored specifically to align with the industry-specific needs of your government entity and when necessary, applicable independence standards.
