GASB 87

[Blaine Fritts]

Happy Tuesday,

• Have any of you implemented GASB 87 (Cash basis)? 
• If so,
• Did you do all of the work in house or hire a consultant to do the work? 
• What was the scope of the consultant work vs. the work you performed?
• Do you have any policies, control documentation, worksheets, decision trees or other process documents that would be useful tools to share?
• If you are implementing for year end 2021, how is the work going?  Any recommendations?

 

Thanks

 

 

Blaine Fritts | Finance Director | City of Woodinville

d: (425) 877-2261 | m: (425) 439-4534 |e: Bla...@ci.woodinville.wa.us

 

Woodinville City Hall, 17301 133^rd Ave NE, Woodinville WA 98072

Please note that this email is considered public record and may be subject to public disclosure.

 

[Cindy Niemeier]

I am not cash basis but am very interested in any words of advice or sample policies, etc as well.  😊

 

 

Cindy Niemeier

Finance Director

509-498-9215

cnie...@cityofcheney.org

 

 

 

 

From: 'Blaine Fritts' via Washington Cities Finance Group <wc...@googlegroups.com>
Sent: Tuesday, August 10, 2021 9:38 AM
To: wc...@googlegroups.com
Subject: [wcfd] GASB 87

 

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[Tina Drennan]

Here is the SAO’s lease website: https://sao.wa.gov/bars-annual-filing/leases/

 

I implemented GASB 87 in house for GAAP last year. I did all the work in house, because you have to be able to obtain leases and other documents not called leases but that behave like leases. We purchased UGAAP, which is an Access database that they have programmed to do all the calculations. Tip: Make an Excel spreadsheet to record all of the leases you examined for the SAO.

 

VERY IMPORTANT TIP: this is a GASB pronouncement unlike any I’ve ever seen. You CANNOT wait until December to implement. It took me about 3 months to implement and now it’s just making monthly changes and generating the journal entries so it’s about 15-60 minutes a month.

 

Tip: unless you only have a couple of leases, do not try to do this with Excel.

 

I also attached the SAO presentations for GAAP leases and my own GASB 87 procedures.

 

Yet another tip: don’t forget to look at both leases where you are the lessor as well as those where you are the lessee. For ports, we are most often the lessor, but we also have a couple of copier leases.

 

Tina Drennan

Finance Manager

Port of Edmonds

(425) 673-2009

To view this discussion on the web visit https://groups.google.com/d/msgid/wcfd/9e8f83aac62b49688c8317c77681ab39%40COCMAINEXCH01.cityofcheney.org.