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

Automate processes associated with lease calculation and reporting in alignment with GASB 87 requirements
Service Type
Consulting
Request Information

Don't have an account? Contact us to get started.

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 
Compatible Solutions
To use this item, your organization needs to have purchased one of the following solutions.
Annual & Interim Financial Reporting
Government Management Reporting
Pricing
Additional fees apply