Nine Steps To Prepare For New Lease Accounting Standard

Post written by Michael Juby, Head of Business Development at DebtBook. Published by Forbes on November 10, 2021.

GASB 87, a new lease accounting standard for governmental entities, requires leases to be reported on the face of the financial statements and eliminates distinction between operating and capital leases. To comply, organizations must reevaluate contractual obligations to determine if they fall under the scope of the new guidance. The new standard applies to reporting periods beginning after June 15, 2021.

GASB 87 will create a significant compliance burden and additional work for many finance teams who are already understaffed and overwhelmed. To help finance teams navigate the requirements of implementing GASB 87, I’ve broken down the process into nine steps:

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Michael Juby
Head of Business Development
For more than 15 years, Michael Juby has helped borrowers throughout the Southeast find creative solutions to meet their financing needs. Juby joined DebtBook after spending the past five years at First Tryon Securities, a leading regional advisory firm, where he served as managing director and led the firm’s higher education and nonprofit practice. Before joining First Tryon, Juby was a partner at Parker Poe Adams & Bernstein LLP, where he advised local governments, universities, nonprofits, health care institutions, financial institutions, and corporations in a wide variety of public and corporate finance transactions. 
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DebtBook makes powerful debt and lease management software for governments and nonprofits. You spend less time finding and fixing spreadsheets, more time leading your team forward with confidence.

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