The Governmental Accounting Standards Board (GASB) is an independent organization that establishes accounting and financial reporting standards for state and local governments in the United States. GASB's primary goal is to enhance the transparency and accountability of governmental financial reporting.
In the context of lease accounting, GASB Statement No. 87 (GASB 87), titled "Leases," addresses how state and local governments should account for leases in their financial statements. The standard is effective for reporting periods beginning after December 15, 2019. More recently, GASB statement No. 96 (GASB 96) was introduced, providing guidance on the accounting and financial reporting for subscription-based information technology agreements (SBITAs) for government users (governments).
Entities subject to GASB rules include public benefit corporations and authorities, public employee retirement systems, and governmental utilities, hospitals, colleges, and universities, as well as states and political subdivisions.
For more, visit www.gasb.org