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The survey also asked what steps organizations have taken to implement GASB 87, and most of the respondents have read the standard but only a few had implemented it using software. Although most internal auditors think the standard will have a material effect on financial statements, few others have realized that yet.
The standard was issued in 2016 and became effective for public companies in 2019. The standard was issued by the International Accounting Standards Board (IASB) in 2016 and became effective for annual periods beginning on or after January 1, 2019. Fortunately, there are software solutions like EZLease that can help.
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