The GASB 87 standard will fundamentally change lease accounting for government organizations and it will require a lot of advanced preparation since it could impact your debt covenants.
Gathering leases across departments is often more complex than it seems.Organizations who have already started, admitted they found more than 10 times the number of leases they expected. Because this is a big hurdle for compliance, the key to your success with the transition will start within the next 6 months.
PowerPlan's solution can help organizations transition to the new standards through its centralised lease repository, which manages the complete lease lifecycle and is compliant with both existing and new lease regulations.
Everywhere you look, public sector organizations are facing a myriad of financial and operational challenges.
They’re under pressure to deliver the services customers demand, reduce exposure to risk, and comply with changing rules and regulations within tight budgets. Teams often struggle to provide constituents with a fact-based plan for infrastructure investments and funding justification.
PowerPlan's solution helps asset management teams prioritize investments for maximum return, reduce risk through defendable asset plans and align with industry standards like ISO 5000.
See how PowerPlan's Lease Accounting Solution enables the public sector to support GASB 87 compliance.
Hear Natalie explain how PowerPlan has helped give Tauranga City more clear visibility into their asset investments and improve their process.
The City of Calgary quantified and addressed their infrastructure gap across various departments with PowerPlan.