New GASB Standards

New York State will implement Governmental Accounting Standards Board Statement (GASBS) 87 - Leases, beginning with the fiscal year 2022-23 annual financial statements.


Additionally, New York State must implement GASBS 94, Public-Private Partnerships and Public-Public Partnerships, as well as GASBS 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.


GASB Reporting Tools

Lease Reporting Template


Important Dates You Need to Know

New York State’s adoption of GASBS 87 has reached its next step. We have completed our analysis of the use of leasing and have determined the extent to which those activities must be reported in our financial reporting. The help of all reporting entities within New York’s branches of government is now needed to capture the information required for reporting. Please visit the Guide to Financial Operations and this web page to understand your role in this effort – including policies, procedures, tools and upcoming training and support.

Upcoming Deadlines

Information on all reportable leases must be reported for GASBS 87 4/1/2022 implementation:

Lease Begin Date From Lease Begin Date To Report by Date
February 1, 2021 (and prior)  December 31, 2021 March 1, 2022
January 1, 2022 March 31, 2022 April 30, 2022

Information on all reportable leases must be reported for GASBS 87 on a quarterly basis:

Lease Begin Date From Lease Begin Date To Report by Date
April 1 June 30 July 31
July 1 September 30 October 31
October 1 December 31 January 31
January 1 March 31 April 30

Upcoming Training Sessions

Update & Preparation for Implementation – Introductory Training Session

This working session explains the importance of GASB standards, results from BFR analysis of agency initial agreement inventory kits, expectations for reporting entities and the GASBS 87 timeline.

January 12, 2022, 10:00 - 11:00 PM

WebEx Link to Training

Update & Preparation for Implementation – Working Sessions

These weekly working sessions provide time with the project team and accounting/agreement experts to answer and research any questions you had as you reviewed your data to determine and communicate reportable leases. These joint sessions allow personnel working on the preparation and implementation effort to learn from each other and get answers to their specific questions.

January 19, 2022, 10:00 - 11:00 PM

WebEx Link to Training

January 26, 2022, 10:00 - 11:00 PM

WebEx Link to Training

February 2, 2022, 10:00 - 11:00 PM

WebEx Link to Training

February 9, 2022, 10:00 - 11:00 PM

WebEx Link to Training

 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

Leases, Public-Private Partnership Agreement, Subscription-based IT Arrangements (Video)

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 GASBS 87 Leases

Defining Lease Under GASBS 87 Understanding Lease Terms

Making a "Reasonably Certain" Determination GASBS 87 Applicable Lease Types Variable Payment Types for Payable and Revenue Leases

Initial Balance Accuracy Steps

Step Description
Pre-February 2021 Agreements (if applicable) Review any list of lease agreements you may have received from OSC concerning agreements identified as meeting the reporting standard for periods leases beginning prior to February 2021. Not all reporting entities will receive a listing due to implementation decisions and work done in the prior phase.
Pre-February 2021 Agreements (if applicable) Complete a new lease reporting tool for all leases identified as requiring your action.
   
Leases commencing February 2021 - December 31,2021 Determine if any lease begun during this period meets the reportable lease definition.
Leases commencing February 2021 - December 31,2021 Determine and document the reasonable certainty of executing any options included in the reportable lease agreements. Determine the impact on the lease term.
Leases commencing February 2021 -December 31,2021 Complete a new lease reporting tool for all reportable leases that began during this period. This reporting is due to OSC by March 1, 2022.
   
Leases commencing January 2022 – March 31,2022 Determine if any lease begun during this period meet the reportable lease definition. As you begin to use new leased assets or lease state assets to other entities, determine if those leases are reportable.
Leases commencing January 2022 – March 31,2022 Determine and document the reasonable certainty of executing any options included in the reportable lease agreements. Determine the impact on the lease term.
Leases commencing January 2022 – March 31,2022 Complete the appropriate new lease reporting tool for all reportable leases that begin during this period. This reporting is due to OSC by April 30, 2022.
   
April 1, 2022 Adoption Date
   
For all calendar quarters April 1, 2022 and beyond Determine if any leases begun during this period meets the reportable lease definition. As you begin to use new leased assets or lease state assets to other entities, determine if those leases are reportable. Determine if any other contracts entered into contain any provisions to allow the lease of any asset as an embedded part of the contract. Report those agreements as well if the annual exchange of value meets the reporting threshold.
For all calendar quarters April 1, 2022 and beyond Determine and document the reasonable certainty of executing any options included in the reportable lease agreements. Determine the impact on the lease term.
For all calendar quarters April 1, 2022 and beyond Complete the appropriate new lease reporting tool for all reportable leases or agreements that begin during this period. This reporting is due to OSC is 30 days after the end of the quarter.
For all calendar quarters April 1, 2022 and beyond Determine if a lease modification has occurred on a reportable lease or if a modification has made the lease reportable. Complete the lease modification tool as required and submit to OSC by 30 days after the end of the quarter.
More Resources for Implementation
Delivered By Resource
Leases
GASB Statement No. 87, Leases
GASB Implementation Guide No. 2019-3, Leases
GASB Implementation Guide No. 2020-1, Implementation Guidance Update—2020

Office of the State Comptroller

KPMG

Reasonably Certain Criteria – November 13, 2020 (Presentation)

KPMG Documenting Contract Reviews and Other Implementation Considerations (Video)
KPMG Fixed vs. Variable Payments (Video)
KPMG Reasonably Certain Criteria (Video)

KPMG

A Call to Action: Implementing the New GASB Lease Standard (Webcast Series)

KPMG KPMG Hot Topic: GASB 87 – Finding Embedded Leases in Your Contracts (Publication)
Office of the State Comptroller Guide to Financial Operations
Public-Private Partnerships and Public-Public Partnerships
GASB Statement No. 94, Public-Private Partnerships and Public-Public Partnerships
Office of the State Comptroller KPMG Other Accounting Pronouncement Considerations: GASB 94 and GASB 96 – November 13, 2020 (Presentation)
GASB Other Accounting Pronouncement Considerations: GASB 94 and GASB 96 (Video)
Subscription-Based Information Technology Arrangements
GASB Statement No. 96, Subscription-Based Information Technology Arrangements

Office of the State Comptroller

KPMG

Other Accounting Pronouncement Considerations: GASB 94 and GASB 96 – November 13, 2020 (Presentation)
GASB Other Accounting Pronouncement Considerations: GASB 94 and GASB 96 (Video)


Questions

Email [email protected]