One of the most important changes for public higher education organizations to be aware of under the new GASB 87 standard is that now organizations must recognize almost all contracts that are considered leases, as defined by the new standard, on the statement of net position within the annual financial statements.
This critical change in the GASB standard creates a series of items that public higher education organizations need to prepare for, including:
- Changes to the statement of net position
- Change management & corporate disruption
- Consistent communication between previously siloed departments
- Centralizing and abstracting all leases
Fill out the form on the right to download our GASB Fact Sheet to learn how you can help your organization prepare.