ProDIGIQ’s Lease Management System, MYKONOS, includes the aviation-specific Governmental Accounting Standards Board (GASB) Module which provides airports with a fully compliant solution according to GASB 87 lease accounting requirements. The GASB Module seamlessly integrates with ProDIGIQ’s Lease MYKONOS to pull relevant data and automatically produce the computations and calculations needed to create required lessor and lessee reports and amortization schedules. The GASB Module is highly configurable to adapt to the airport's needs while maintaining necessary compliance. The GASB Module's intuitive user interface allows users to easily capture and track GASB data, including tenant and lessor payments, Minimum Annual Guarantees (MAG), etc.
- Centralized repository of all GASB and related lease data
- Automatic generation of required amortization schedules
- Comprehensive reporting capabilities to meet GASB 87 requirements
- Fully integrated with ProDIGIQ’s Lease Management System, MYKONOS
- Configurable GASB 87 solution to adapt business rules while maintaining compliance
- Complex GASB 87 calculations generated with the click of a button
- Aviation-specific GASB 87 compliant solution to meet unique needs of the industry
- Seamless lessee payment tracking capabilities
- Automatic alerting capabilities for increased transparency
Additional Subject Information
The Governmental Accounting Standards Board issued Statement No. 87 in 2017 with the objective to better meet the information needs of financial statement users by improving accounting and financial reporting for leases by governments. GASB 87 is based on the foundational principle that leases are financings of the right to use an underlying asset. Under this Statement, a lessee is required to recognize a lease liability and an intangible right-to-use lease asset, and a lessor is required to recognize a lease receivable and a deferred inflow of resources, thereby enhancing the relevance and consistency of information about governments’ leasing activities.
GASB 87 has a significant impact on airports as airports engage in various lease agreements with airlines, concessions and other entities that meet the definition of a lease under GASB 87. Airports must evaluate all their leases to identify the leases where application of GASB 87 is required. A comprehensive lease management system that supports GASB 87 compliance can help airports seamlessly implement and ensure compliance with this lease accounting standard.