{"id":2178,"date":"2025-04-27T21:10:37","date_gmt":"2025-04-28T01:10:37","guid":{"rendered":"https:\/\/visuallease.com\/?page_id=2178"},"modified":"2025-11-24T04:38:55","modified_gmt":"2025-11-24T08:38:55","slug":"gasb-87","status":"publish","type":"page","link":"https:\/\/visuallease.com\/compliance\/gasb-87\/","title":{"rendered":"GASB 87 Compliant Lease Accounting Software"},"content":{"rendered":"[vc_row type=”full_width_content” full_screen_row_position=”middle” equal_height=”yes” content_placement=”middle” bg_color=”#0165a3″ scene_position=”center” text_color=”light” text_align=”left” class=”banner inner_banner” overlay_strength=”0.3″ shape_divider_position=”bottom” shape_type=””][vc_column column_padding=”no-extra-padding” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” width=”1\/1″ tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid”][vc_row_inner equal_height=”yes” content_placement=”middle” column_margin=”default” text_align=”left”][vc_column_inner column_padding=”no-extra-padding” column_padding_position=”left” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” el_class=”text_img” width=”1\/2″ column_border_width=”none” column_border_style=”solid”][vc_custom_heading text=”GASB 87 compliance with confidence – not compromise” font_container=”tag:h1|font_size:36|text_align:left|color:%23ffffff|line_height:1.5″ use_theme_fonts=”yes” css=”.vc_custom_1745865673856{margin-bottom: 30px !important;}”][vc_column_text el_class=”banner_paragraph”]Reduce the risk of unreliable lease data with Visual Lease’s lease accounting solution. Ensure accurate, timely, sustainable and audit-ready financial reporting and accounting for GASB 87 compliance.[\/vc_column_text]
<\/div><\/div>[nectar_btn size=”small” open_new_tab=”true” button_style=”regular” button_color_2=”Extra-Color-1″ icon_family=”none” url=”https:\/\/visuallease.com\/request-demo\/” text=”Request a Demo”][\/vc_column_inner][vc_column_inner column_padding=”no-extra-padding” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” top_margin=”0″ el_class=”banner_img” width=”1\/2″ column_border_width=”none” column_border_style=”solid”]
\"GASB<\/div><\/div>[\/vc_column_inner][\/vc_row_inner][\/vc_column][\/vc_row][vc_row type=”full_width_background” full_screen_row_position=”middle” scene_position=”center” text_color=”dark” text_align=”left” top_padding=”40″ bottom_padding=”100″ overlay_strength=”0.3″ shape_divider_position=”bottom” shape_type=””][vc_column column_padding=”no-extra-padding” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” width=”1\/1″ tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid”][vc_row_inner equal_height=”yes” content_placement=”middle” column_margin=”default” text_align=”left” class=”reverse__responsive__opt circle_point_r_top”][vc_column_inner column_padding=”no-extra-padding” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” el_class=”col__text__left__home_cs” width=”5\/12″ column_border_width=”none” column_border_style=”solid”][vc_column_text]\n

Streamline Lease Accounting for GASB 87 with Powerful, Proven Software<\/h2>\n

All your leases in a single sub-ledger.<\/strong><\/p>\n

Centralize your leases, surface clauses, obligations, critical effective & implementation dates, and manage changes for any asset you lease (or lease out) all in one place.<\/p>\n

\n

This includes real estate, equipment, land, and anything else \u2013 on both sides of the transaction \u2013 as well as line items you may not have thought of as leases before, like subleases, master leases, embedded leases, and other special scenarios. No matter the situation, our GASB lease accounting software can keep your leases compliant & organized.<\/p>\n<\/div>\n[\/vc_column_text][vc_custom_heading text=”Learn more about our software for lessees and lessors<\/strong>” google_fonts=”font_family:Open%20Sans%3A300%2C300italic%2Cregular%2Citalic%2C600%2C600italic%2C700%2C700italic%2C800%2C800italic|font_style:400%20regular%3A400%3Anormal” link=”url:https%3A%2F%2Fvisuallease.com%2Fsolutions%2Flease-management-software%2F||target:%20_blank|” el_class=”_link_custom” css=”.vc_custom_1745865387704{padding-top: 27px !important;}”][\/vc_column_inner][vc_column_inner column_padding=”no-extra-padding” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” el_class=”img__right__home_cs” width=”7\/12″ column_border_width=”none” column_border_style=”solid”]

\"looking<\/div><\/div>[\/vc_column_inner][\/vc_row_inner][vc_row_inner column_margin=”default” text_align=”left”][vc_column_inner column_padding=”no-extra-padding” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” width=”1\/1″ column_border_width=”none” column_border_style=”solid” offset=”vc_hidden-xs”]
<\/div><\/div>[\/vc_column_inner][\/vc_row_inner][vc_row_inner equal_height=”yes” content_placement=”middle” column_margin=”default” text_align=”left” class=”circle_blue_left_center”][vc_column_inner column_padding=”no-extra-padding” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” el_class=”img__left__home_cs” width=”7\/12″ column_border_width=”none” column_border_style=”solid”]
\"computer<\/div><\/div>[\/vc_column_inner][vc_column_inner column_padding=”no-extra-padding” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” el_class=”col__text__right__home_cs” width=”5\/12″ column_border_width=”none” column_border_style=”solid”][vc_custom_heading text=”Automate GASB 87 compliance with accurate reports.” font_container=”tag:h2|font_size:30|text_align:left|color:%23002e42|line_height:1.4″ google_fonts=”font_family:Open%20Sans%3A300%2C300italic%2Cregular%2Citalic%2C600%2C600italic%2C700%2C700italic%2C800%2C800italic|font_style:700%20bold%20regular%3A700%3Anormal” css=”.vc_custom_1616098223332{margin-bottom: 15px !important;}” el_class=”f_pop”][vc_column_text]Generate the journal entries, disclosures, reports and footnotes you need to stay GASB 87 compliant, automatically.<\/p>\n

Leverage our library of one-click report templates built by lease accounting experts with transparent calculations backed by a SOC I Type II certification. Or, set up reports on the fly with our robust ad-hoc reporting engine.[\/vc_column_text][vc_custom_heading text=”Read up on roll-forward reports<\/strong>” google_fonts=”font_family:Open%20Sans%3A300%2C300italic%2Cregular%2Citalic%2C600%2C600italic%2C700%2C700italic%2C800%2C800italic|font_style:400%20regular%3A400%3Anormal” link=”url:https%3A%2F%2Fvisuallease.com%2Fwhy-roll-forward-reports-are-essential-for-lease-accounting%2F||target:%20_blank|” el_class=”_link_custom” css=”.vc_custom_1613666566947{padding-top: 27px !important;}”][\/vc_column_inner][\/vc_row_inner][vc_row_inner column_margin=”default” text_align=”left”][vc_column_inner column_padding=”no-extra-padding” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” width=”1\/1″ column_border_width=”none” column_border_style=”solid” offset=”vc_hidden-xs”]

<\/div><\/div>[\/vc_column_inner][\/vc_row_inner][vc_row_inner equal_height=”yes” content_placement=”middle” column_margin=”default” text_align=”left” class=”reverse__responsive__opt custom_points_top_left”][vc_column_inner column_padding=”no-extra-padding” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” el_class=”col__text__left__home_cs” width=”5\/12″ column_border_width=”none” column_border_style=”solid”][vc_custom_heading text=”Maintain GASB 87 compliance
\nthrough every modification.” font_container=”tag:h2|font_size:30|text_align:left|color:%23002e42|line_height:1.4″ google_fonts=”font_family:Open%20Sans%3A300%2C300italic%2Cregular%2Citalic%2C600%2C600italic%2C700%2C700italic%2C800%2C800italic|font_style:700%20bold%20regular%3A700%3Anormal” css=”.vc_custom_1745865338251{margin-bottom: 15px !important;}” el_class=”f_pop”][vc_column_text]Leases change, and so do the requirements. Stay audit-ready with software that can keep up with every lease modification, and manage even the most complex remeasurements with simple calculations.<\/p>\n

Track every change with a comprehensive audit trail and make sure every action is by the book with integrated internal controls.[\/vc_column_text][vc_custom_heading text=”Learn more about lease modifications<\/strong>” google_fonts=”font_family:Open%20Sans%3A300%2C300italic%2Cregular%2Citalic%2C600%2C600italic%2C700%2C700italic%2C800%2C800italic|font_style:400%20regular%3A400%3Anormal” link=”url:https%3A%2F%2Fvisuallease.com%2Fhow-to-handle-lease-concessions-deferrals-abatements-and-other-modifications%2F||target:%20_blank|” el_class=”_link_custom” css=”.vc_custom_1613666799274{padding-top: 27px !important;}”][\/vc_column_inner][vc_column_inner column_padding=”no-extra-padding” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” el_class=”img__right__home_cs” width=”7\/12″ column_border_width=”none” column_border_style=”solid”]

\"modifications\"<\/div><\/div>[\/vc_column_inner][\/vc_row_inner][vc_row_inner column_margin=”default” text_align=”left”][vc_column_inner column_padding=”no-extra-padding” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” width=”1\/1″ column_border_width=”none” column_border_style=”solid” offset=”vc_hidden-xs”]
<\/div><\/div>[\/vc_column_inner][\/vc_row_inner][vc_row_inner equal_height=”yes” content_placement=”middle” column_margin=”default” text_align=”left” class=”custom_point_bottom_left”][vc_column_inner column_padding=”no-extra-padding” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” el_class=”img__left__home_cs” width=”7\/12″ column_border_width=”none” column_border_style=”solid”]
\"ERP<\/div><\/div>[\/vc_column_inner][vc_column_inner column_padding=”no-extra-padding” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” el_class=”col__text__right__home_cs” width=”5\/12″ column_border_width=”none” column_border_style=”solid”][vc_custom_heading text=”Align every line in your
\ngeneral ledger.” font_container=”tag:h2|font_size:30|text_align:left|color:%23002e42|line_height:1.4″ google_fonts=”font_family:Open%20Sans%3A300%2C300italic%2Cregular%2Citalic%2C600%2C600italic%2C700%2C700italic%2C800%2C800italic|font_style:700%20bold%20regular%3A700%3Anormal” css=”.vc_custom_1613423772486{margin-bottom: 15px !important;}” el_class=”f_pop _not_break_mobile”][vc_column_text]Connect the systems your team relies on and leverage lease data across your organization with secure, auditable file transfers and flexible APIs.<\/p>\n

Seamlessly connect your ERP and import journal entries into your general ledger, or track rent payments within accounts payable.[\/vc_column_text][vc_custom_heading text=”Learn more about integrations<\/strong>” google_fonts=”font_family:Open%20Sans%3A300%2C300italic%2Cregular%2Citalic%2C600%2C600italic%2C700%2C700italic%2C800%2C800italic|font_style:400%20regular%3A400%3Anormal” link=”url:https%3A%2F%2Fvisuallease.com%2Fintegrations%2F||target:%20_blank|” el_class=”_link_custom” css=”.vc_custom_1708459024766{padding-top: 27px !important;}”][\/vc_column_inner][\/vc_row_inner][\/vc_column][\/vc_row][vc_row type=”full_width_content” full_screen_row_position=”middle” equal_height=”yes” bg_color=”#0165a3″ scene_position=”center” text_color=”dark” text_align=”center” class=”section_gradient_custom” overlay_strength=”0.3″ shape_divider_position=”bottom” shape_type=””][vc_column column_padding=”no-extra-padding” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” width=”1\/1″ tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid”][vc_row_inner equal_height=”yes” content_placement=”middle” column_margin=”default” text_align=”left” class=”_max_width_section_bubble”][vc_column_inner column_padding=”no-extra-padding” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” top_margin=”20″ el_class=”headshots_cs” width=”1\/3″ column_border_width=”none” column_border_style=”solid”]

\"headshots\"<\/div><\/div>[\/vc_column_inner][vc_column_inner column_padding=”no-extra-padding” column_padding_position=”all” centered_text=”true” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” el_class=”text_img” width=”1\/3″ column_border_width=”none” column_border_style=”solid”]
<\/div><\/div>[vc_custom_heading text=”Expert advice at every stage.” font_container=”tag:h2|font_size:36|text_align:center|color:%23ffffff|line_height:1.5″ use_theme_fonts=”yes” css=”.vc_custom_1721837828984{margin-bottom: 30px !important;}”][vc_column_text el_class=”text-center text__white”]\n

Every implementation<\/a> gets a dedicated Visual Lease team to help you get up to speed, get compliant and get the most out of the VL software in 90 days or less.<\/p>\n

Once you\u2019re up and running, our team of experienced accountants, attorneys and lease managers is here to help as your leases \u2013 and the regulatory requirements \u2013 evolve.<\/p>\n[\/vc_column_text]

<\/div><\/div>[nectar_btn size=”small” open_new_tab=”true” button_style=”regular” button_color_2=”Accent-Color” icon_family=”none” url=”https:\/\/visuallease.com\/solutions\/professional-services\/” text=”Learn More About Our Success Team”]
<\/div><\/div>[\/vc_column_inner][vc_column_inner enable_animation=”true” animation=”fade-in-from-right” column_padding=”no-extra-padding” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” el_class=”headshots_cs” width=”1\/3″ column_border_width=”none” column_border_style=”solid”]
\"headshots\"<\/div><\/div>[\/vc_column_inner][\/vc_row_inner][\/vc_column][\/vc_row][vc_row type=”full_width_background” full_screen_row_position=”middle” scene_position=”center” text_color=”dark” text_align=”left” top_padding=”130″ bottom_padding=”80″ overlay_strength=”0.3″ shape_divider_position=”bottom” shape_type=””][vc_column column_padding=”no-extra-padding” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” width=”1\/1″ tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid”][vc_custom_heading text=”GASB 87 Frequently Asked Questions” font_container=”tag:h2|font_size:30|text_align:center|color:%23032e42|line_height:1.4″ google_fonts=”font_family:Open%20Sans%3A300%2C300italic%2Cregular%2Citalic%2C600%2C600italic%2C700%2C700italic%2C800%2C800italic|font_style:700%20bold%20regular%3A700%3Anormal” css=”.vc_custom_1623773989930{margin-bottom: 40px !important;}” el_class=”f_pop”]

<\/i>What is GASB 87?<\/a><\/h3>
[vc_column_text]GASB 87<\/a> was released by the Governmental Accounting Standards Board (GASB) and outlines requirements for lease accounting for governmental entities<\/a> with significant impacts on financial statements.<\/p>\n

GASB 87 provides a single model for lease accounting based on a definition of leases as contracts that convey control of the right to use a non-financial asset. The rules require lessees to recognize a lease liability and an intangible asset, while lessors are required to recognize lease receivables and a deferred inflow of resources on their financial statements.[\/vc_column_text]<\/div><\/div>

<\/i>Who does GASB 87 affect?<\/a><\/h3>
[vc_column_text]GASB 87 impacts government entities and public institutions in higher education, healthcare<\/a> and more.<\/p>\n

GASB 87 <\/span>does not<\/b> affect private organizations, for-profit businesses, or entities outside the public sector, including those not required to follow government accounting standards.<\/span>[\/vc_column_text]<\/div><\/div>

<\/i>When was the effective date for GASB 87?<\/a><\/h3>
[vc_column_text]Organizations were required to become GASB 87 compliant for fiscal periods beginning after June 15, 2021.[\/vc_column_text]<\/div><\/div>

<\/i>How do organizations become GASB 87 compliant?<\/a><\/h3>
[vc_column_text]Implementing GASB 87 can be complex, but Visual Lease can help. There are four things you need to have done before you can successfully be GASB 87 compliant<\/span><\/a>:<\/p>\n