F.H. Black & Company Inc. GASB 87 Solution – Lite

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Meet a simpler way to address GASB 87 requirements.

The GASB 87 pronouncement changes the way leases are calculated and reported. F.H. Black & Company Incorporated has developed a point solution for organizations that are interested in tackling their GASB 87 requirements and do not need extensive lease management tools.

This solution provides you with:

• Lease data collection forms so users throughout your organization can document each lease
• Summaries of all leases broken down between Governmental and Enterprise leases:
  • Lease amortization disclosure
  • Lease liability and asset summaries
  • Lease asset amortization by month
  • Future debt service payments for note disclosure
  • Lease liability repayment schedule by month
  • Journal entries to record:
    • The inception of the lease
    • Payment for transportation costs and other expenditures to make equipment ready for use
    • Debt service payments for the fiscal year
    • Replacement of other financing sources with permanent account – lease liability
    • Replacement of expenditures with capital assets – intangible right-to-use lease asset
    • Elimination of temporary accounts – principal repayment
    • Amortization expense for the fiscal year
• For each lease entered, this solution will automatically calculate
  • Lease amortization disclosure
  • Lease liability and asset summaries
  • Lease asset amortization by month
  • Future debt service payments for note disclosure
  • Lease liability repayment schedule by month
  • Journal entries to record:
    • The inception of the lease
    • Payment for transportation costs and other expenditures to make equipment ready for use
    • Debt service payments for the fiscal year
    • Replacement of other financing sources with permanent account – lease liability
    • Replacement of expenditures with capital assets – intangible right-to-use lease asset
    • Elimination of temporary accounts – principal repayment
    • Amortization expense for the fiscal year
  • ​​​​Wdata tables to hold all lease data
  • Presentation that presents lease dashboard for management oversight