The Campus Controller's Office is developing a list of contacts and departments that have leased items and assets.
More Information About GASB No. 87
After a delay due to COVID-19, the Campus Controller's Office is preparing for a new GASB (Governmental Accounting Standards Board) standard regarding leases, number 87 for FY2022. The standard eliminates the distinction between operational and capital leases, making all leases follow capitalization accounting procedures.
How This Might Affect You
The Campus Controller's Office has been collecting information from departments on revenue-producing leases where CU is the lessor. Now, we need to collect information on leased equipment, space, etc. that you have been coding payments to an expense account.
Leases That Are Not Impacted
At this time we do not need to collect information about copier leases, since we have a query for those. Also, short-term leases that you are paying month to month with no obligation or expectation to use beyond 12 months are not impacted. We want to evaluate all other leases including revenue-producing leases.