New York State must implement Governmental Accounting Standards Board Statement (GASB) 87, Leases, in fiscal year 2022-23 annual financial statements.
Additionally, New York State must implement GASB 94, Public-Private Partnerships and Public-Public Partnerships, as well as GASB 96, Subscription-Based Information Technology Arrangements, in fiscal year 2023-24 annual financial statements.
These standards fundamentally change how New York State is required to disclose certain agreements related to capital assets, infrastructure and software subscriptions.
Important Dates You Need to Know
The implementation of these standards is a multiphase process that requires involvement at each step. The first phase is a comprehensive review to identify all agreements that fall within the scope of these standards.
February 19, 2021
Initial Agreement Inventory Reporting Toolkits are due.
Be sure to follow the submission process listed in the instructions. If you will not be able to meet this submission date, contact the FinRep GASB team at [email protected] to discuss your needs.
Any reporting entity that has not submitted a review of the agreements to which they are a party should immediately contact the FinRep GASB team at [email protected] to discuss your situation.
Upcoming Training Sessions – there are no upcoming training sessions scheduled at this time
Agreement Collection Effort Training Sessions
Initial Agreement Inventory Reporting Tool – Introductory Training Session
This working session explained the agreements collection toolkit, its components and purpose. The project team reviewed each component and the expectations for completion. The session covered sample data scenarios and answered questions to these common scenarios.
January 13, 2021, 2:00 - 3:30 PM
- Initial Agreement Inventory Reporting Tool – Working Sessions
These weekly working sessions provided time with the project team and accounting/agreement experts to answer and research any questions you had as you reviewed your data. These joint sessions allowed personnel working on the collection effort to learn from each other and get answers to their specific questions.January 19, 2021, 1:00 – 2:00 PM
Working Session 1 Minutes (pdf)
January 25, 2021, 1:00 – 2:00 PM
Working Session 2 Minutes (pdf)
February 1, 2021, 1:00 - 2:00 PM
Working Session 3 Minutes (pdf)
February 8, 2021, 1:00 - 2:00 PM
Working Session 4 Minutes (pdf)
February 16, 2021, 1:00 - 2:00 PM
Working Session 5 Minutes (pdf)
February 22, 2021, 1:00 - 2:00 PM
Working Session 6 Minutes (pdf)
How to Implement GASB 87, Leases
- Defining Lease Under GASB 87
- Understanding Lease Terms
- Making a "Reasonably Certain" Determination
- GASB 87 Applicable Lease Types
- Variable Payment Types for Payable and Revenue Leases
More Resources for Implementation
Initial Agreement Inventory Toolkit
|01_Steps to Determine Initial Agreement Inventory||Recommended steps to ensure you have identified all your agency's contracts/agreements that fall within the scope of these GASB standards.|
|02_Resource – Identifying Agreements Flowchart||Use this resource tool to assist you in determining if an agreement meets the definition of a lease (GASB 87), public-private/public-public partnership (GASB 94), or a subscription-based IT arrangement (GASB 96).|
|03_Initial Agreement Inventory Reporting Tool||Complete this reporting tool and submit the requested information back to the Office of the State Comptroller.|
|04_Instructions for the Initial Agreement Inventory Reporting Tool||Guidance on how to complete 03_Initial Agreement Inventory Reporting Tool.|
|05_Resource – Determining Terms Flowchart||Use this resource tool to assist you in determining the lease term. *Lease term is a field that must be entered in 03_Initial Agreement Inventory Reporting Tool.
|06_Resource – Reasonably Certain Documentation Template||Use this template to guide you in making decisions whether to include periods in the lease term covered by options to extend or terminate. "Reasonably certain" as per GASB 87, requires the use of professional judgment, it is a higher threshold and less speculative than "probable."|
|08_Sample CFO Memo||Use this sample memo as a template to document the steps your agency has taken to ensure you've identified all agreements that fall within the scope of these GASB standards. *CFOs must send a signed memo back to the Office of the State Comptroller along with 03_Initial Agreement Inventory Reporting Tool.|
Email [email protected]