GASB 87 lease accounting is now a real requirement….
With the implementation of the latest Governmental Accounting Standard Board (GASB) lease accounting standard, GASB 87, governmental entities are faced with the challenge of redefining and reporting on all operating and capital leases on the balance sheet under a single model. GASB 87 is now effective for fiscal years beginning after June 15, 2021. For many organizations this transition is proving to be time and resource intensive as the need to ensure accuracy and completeness of reporting as well as greater transparency and comparability of financial statements are key to compliance.
Save valuable time when extracting, collating, and analyzing your lease data.
Have confidence in the integrity of your lease data to ensure accurate calculations and a full audit trail.
Centralize control and automate complex calculations and tasks.
Deliver financial transparency on the management of leases.
Having the right GASB 87 software in place will give you time back and stop you worrying about manual errors
Empower
Collaboration
A consolidated process that integrates the finance, property, and legal teams together with the implementation of a centralized repository of all lease data will deliver the cross departmental collaboration and control required for the successful ongoing management of the standard.
Report With
Confidence
Meet historical reporting and forecasting requirements with ease by leveraging our suite of standard and customized reports. Automatically generate lease capitalization reports and new disclosure reports for improved decision making and audit compliance.
Simplify GASB 87 Compliance
Rest assured that your software will stay in line with GASB 87 guidance and that calculations are accurate in order to meet the new requirements. Perform routine tasks such as lease classification tests and disclosure reporting at a click of a button to free up valuable time.
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Property and equipment leasing
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Lessor accounting
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Lease level accounting
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Disclosure reports
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Journal postings
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Centralized database
Property and equipment leasing
Property and equipment leasing
A centralized solution in which you can record and report on both property portfolio materiality and non-property assets including real estate, land, equipment and fleet. Delve even deeper on such lease types as master leases, sub-leases, and embedded leases in order to ensure a full insight for GASB 87 compliance.
Lessor accounting
Lessor accounting
With many government entities having the added complexity of managing subleases and inter-company leases, MRI’s solution can ease the process. Lease receivables linked to a head-lease payable, whether the subtenant is a third-party company, or intercompany will meet GASB requirements.
Lease level accounting
Lease level accounting
Maintain lease level accounting to manage single and master leases effectively. An audit trail for each lease of all balance sheet calculations, each displaying amortization, opening/closing liability, interest, depreciation, etc for each period in line with company-specific accounting calendar will simplify GASB 87 compliance.
Disclosure reports
Disclosure reports
Quickly and easily produce GASB 87 compliant lessee and lessor disclosure reports providing details of right of use assets, interest, amortization, cash flow, and weighted terms.
Journal postings
Journal postings
Periodic or annual lease journal entries in line with GASB 87 requirements can be produced in report format or interfaced to the finance system, reducing manual processes and the risk of error.
Centralized database
Centralized database
Having all your lease information in one place not only improves cross departmental visibility, but also provides clarity and insight into spending, and offers the opportunity to better negotiate with your vendors and combine buying power, improving operational efficiencies, and workflow.
Easily meet GASB 87 requirements and ensure efficient management of your lease portfolio
400+
government, healthcare, and higher education establishments using MRI's lease and fixed asset accounting solutions
8.8M+
leases managed on MRI systems
500+
successful lease accounting implementations across the public and private sectors
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