May 2022 LEASE Summit GASB Series Recap

During LeaseQuery’s virtual LEASE Summit GASB Series accounting professionals came together to discuss GASB 87 and the new standard, GASB 96. Focus was on steps government entities can take to ensure a smooth transition and maintain compliance.

Summit Session Details

Session 1 – Opening Panel: Ask the Accounting Expert

David Bullock – State and Local Government Industry Line Leader, MGO
George Azih – CEO and Founder, LeaseQuery
Kenneth Pun – Founder and the Managing Partner, The Pun Group
Sarah O’Sullivan – Director of Product, LeaseQuery
Christian Fuellgraf – Principal, Government and Public Sector Industry Leader, Cherry Bekaert

Join a panel of accounting professionals from various roles as they provide insights into lease accounting transition challenges and how to facilitate implementation. Panelists will examine the impact of the new standard, GASB 87, for government entities and share preliminary thoughts on GASB 96, the new standard for subscription-based IT arrangements mirrored after GASB 87. Throughout this session, our panelists will answer questions submitted during registration on topics related to adoption challenges and how to maintain compliance. Additionally our experts will discuss the similarities and differences between GASB 87 and GASB 96, explaining how concurrent implementation might be beneficial to your organization.


  1. Discuss the lease accounting evolution caused by GASB 87 from differing perspectives
  2. Understand certain key concepts and definitions presented in both GASB 87 & GASB 96
  3. Identify best practices for a successful transition to GASB 87 and efficiencies to be gained from exploring GASB 87 and GASB 96 at the same time/together

Session 2 -GASB Statements 87 & 96: A Comprehensive Example and Comparison

Amanda Payne – Technical Accounting Manager, LeaseQuery

In this session, our accounting expert will present an overview of both GASB 87 and GASB 96, reviewing how to determine if you have a lease or subscription-based IT agreement and what types of agreements are in scope for either standard. Our presenters will discuss the similarities and differences of the accounting treatments presented in each standard.

LeaseQuery will then walk through a comprehensive example of applying the new government lease standard, and compare that to the application of GASB 96. The example will cover identifying key dates, calculating the lease asset and lease liability, and creating both the initial and subsequent journal entries.


  1. Review how GASB 87 and GASB 96 define leases and subscriptions, respectively, and understand the scoping considerations specific to each standard
  2. Compare and contrast the requirements of GASB 87 to GASB 96
  3. Calculate the initial assets and liabilities for GASB 87 and GASB 96 and prepare the appropriate initial and subsequent journal entries for each

Session 3 – How to Transition to GASB 87: An Auditor’s Perspective

Claire Esten, CPA – Partner, Grant Thorton
Lisa Harris, Financial Management – Manager, Grant Thorton

During this session, Grant Thornton will walk through the steps a government organization needs to consider when transitioning to GASB 87. They will review how to effectively implement the new standard and the benefits for using a software solution during the process. Presenters will also discuss what government organizations need to consider post-transition, such as how to prepare for the first audit and the next standards for adoption – GASB 96 & 94.


  1. Understand steps for transitioning to GASB 87 and what role software can play in a successful implementation
  2. Examine considerations for the first post-transition audit
  3. Summarize the key concepts from the new accounting standards GASB 96 and GASB 94

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