New York State will implement Governmental Accounting Standards Board Statement (GASBS) 87 - Leases, as well as GASBS 96, Subscription-Based Information Technology Arrangements 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, 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
Statement 87, Leases
New Lease Reporting Template - Lessee
New Lease Reporting Template - Lessor (revenue)
Lease Modification Reporting Template – Lessee
Lease Modification Reporting Template – Lessor (revenue)
Statement 96, Subscription-Based IT Arrangements (SBITA)
SBITA Modification 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
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Update & Preparation for Implementation – Working Sessions
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No training sessions are scheduled at this time.
Completed Training Sessions
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Update & Preparation for Implementation – Introductory Training Session – January 12, 2022
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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
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Update & Preparation for Implementation – Working Sessions – 2022
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These working sessions provided time with the project team to answer and research any questions you had as you prepare to submit your lease population for implementation. These joint sessions allowed personnel working on the effort to learn from each other and get answers to their specific questions.
January 19, 2022, 10:00 - 11:00 AM
Working Session 1 (video)
January 26, 2022, 10:00 - 11:00 AM
Working Session 2 (video)
February 2, 2022, 10:00 - 11:00 AM
Working Session 3 (video)
February 9, 2022, 10:00 - 11:00 AM
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Initial Agreement Inventory Reporting Tool – Introductory Training Session – January 13, 2021
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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 - 2021
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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)
Agency Guidance
- How to Implement GASBS 87 Leases
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Defining Lease Under GASBS 87 Understanding Lease Terms
- Noncancelable Lease Period
- Early Termination Period
- Lease Extension
- Use of Underlying Assets
- Fiscal Funding Clause
- Payable Leases
- Revenue Leases
- Subleases
- Sale-leasebacks
- Lease-leasebacks
- Software as Leases Subject to GASBS 87 and Reporting Subscriptions
- How to Implement GASBS 96, SBITA
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Agency Guide to GASB Statement 96
Determining Whether Purchases from OGS Centralized Contracts are Short- or Long-Term SBITAs
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Initial Balance Accuracy Steps
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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
Questions
Email [email protected]