Cloud-based solution handles subscription-based technology arrangements, built on LeaseQuery’s industry-leading GASB 87 lease accounting software
ATLANTA – November 9, 2021 — LeaseQuery, a leading provider of software built to simplify the complexities of accounting, today announced the launch of its latest solution to meet the needs of GASB 96 compliance. This first to market cloud-based accounting solution handles the capitalization criteria and subsequent accounting to simplify compliance with the new guidelines under GASB Statement No. 96, subscription-based information technology arrangements (SBITAs).
“GASB 96 adds another layer of complexity and transparency for a governmental organization’s statement of net position by providing uniform guidance for SBITAs,” said George Azih, CEO and founder of LeaseQuery. “This latest product is a powerful solution backed by our team of CPAs to ultimately manage the sophisticated capitalization criteria and subsequent accounting under the new guidelines.”
Along with GASB 96 compliance, the solution also aids in budgeting and cross-department collaboration by housing financial and contract information on all of an organization’s SBITAs in one place.
The release furthers LeaseQuery’s commitment to continue expanding its accounting platform to help those in the state and local government sector and higher education industry reporting under GASB achieve their accounting compliance needs.
Solution features include:
- Amortization schedules and journal entries: CPA-tested and approved calculations
- Contract upload and management: Cloud-based central repository keeps everything related to SBITAs in one place
- Comprehensive activity tracking: Record activity for each SBITA by appropriate stage – preliminary, implementation or operational
- Automated footnote disclosures: Complete quantitative disclosure reports at the click of a button for confident compliance without a hassle
To learn more about LeaseQuery’s GASB 96 solution, visit https://leasequery.com/gasb96/
LeaseQuery makes accountants’ lives easier by simplifying the complex with technology. More than 25,000 financial professionals globally rely on our cloud-based, CPA-approved solutions and in-house accounting expertise to comply with confidence across various FASB, GASB and IASB accounting standards. Our software helps businesses minimize risk, increase efficiency and reduce costs. Learn more about LeaseQuery’s core lease accounting solution, which focuses on easing the mandatory transition to ASC 842, GASB 87 and IFRS 16, or explore additional accounting tools. For more information, visit LeaseQuery.com.
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