GASB 87 and GASB 96 Background / Overview
On March 2021, due to the rise of cloud-based software, GASB issued Statement 96 (GASB 96) to address accounting treatments and financial reporting of Subscription-Based Information Technology Arrangements (SBITA). State and Local Government entities must comply with these requirements; and for clients who are using SAP as their ERP/ Financial System, the question is how can we use SAP ECC/ S4HANA to address these accounting standards.
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SAP Solutions for GASB 87 and GASB 96 Compliance
SAP ERP Systems (ECC and S/4HANA) offers a complete set of solutions that can be used to comply with GASB 87 and GASB 96 standards. The implementation scope includes activation of SAP Flexible Real Estate Management (REFX) with SAP Contract Lease Management (CLM), and with integration to the FI modules of General Ledger, AP/AR Accounting, and Asset Management.
These components, when fully integrated, will provide compliance to GASB 87 and GASB 96 with features such as lease classification, journal entry generation, and disclosure reporting.
GASB 87 and GASB 96 Implementation Services Provided by Phoenix Business Consulting
Phoenix Business Consulting has a deep breadth of experience with GASB compliance through the implementation of SAP Contract, and Lease Management (CLM).
Phoenix Business Consulting’s specializes in SAP software solutions for GASB 87 and GASB 96 compliance. We can help your organization based on your specific needs, and timeline. Since 1998, over our 25+ year history, we have provided SAP implementering, SAP software solutions, and SAP support services to over 150+ Public Sector agencies and commercial organizations.
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