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GASB 87/GASB 96 Module Details
ProDIGIQ’s Property and Revenue 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 and GASB 96 requirements. The GASB Module seamlessly integrates with ProDIGIQ’s Property and Revenue Management System, 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.
Module Overview
Centralized repository of all GASB and related lease data
Automatic generation of required amortization schedules
Comprehensive reporting capabilities to meet GASB 87 and GASB 96 requirements
Fully integrated with ProDIGIQ’s Property and Revenue Management System, MYKONOS
Configurable GASB 87 and GASB 96 solution to adapt business rules while maintaining compliance
Key Benefits
Complex GASB 87 and GASB 96 calculations generated with the click of a button
Aviation-specific GASB 87 and GASB 96 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 also issued Statement No. 96 for Subscription-Based Information Technology Arrangements (SBITAs), establishing accounting and financial reporting requirements for governments that enter into subscription-based IT arrangements. Together, GASB 87 and GASB 96 significantly impact airports as they engage in lease agreements and technology subscription arrangements that must be evaluated and reported under these standards.
A comprehensive property and revenue management system that supports GASB 87 and GASB 96 compliance can help airports seamlessly implement and ensure compliance with these accounting standards.