Copyright © 2023 Tango. All rights reserved. 6
Lease Accounting Under GASB 87: The Guide to Hassle-Free Compliance
GASB 87 introduced a host of guidelines and
requirements to keep track of, making it crucial to
ensure that your lease accounting software is up to the
challenge.
With Tango Lease, you get a streamlined process for
all your lease accounting management that is fully
compliant with GASB 87 regulations, whether you're
a lessor or a lessee (or both). Our software assists with
the calculations, creates accounting schedules, auto-
generates journal entries, and helps you account for
every component of every lease. And Tango stands out
from the competition in how we allow you to organize
your lease information.
For example, there are a number of cases where GASB
87 requires you to treat different components within a
lease as if they were separate lease contracts. With many
of our competitors, you would be required to create
entirely separate lease records for each component—
which is not only unwieldy to manage, but a nightmare
when dealing with landlords who want to see everything
together. But Tango lets you account for each
component correctly while keeping the information
together in the same record.
The Tango Lease advantage for GASB 87 compliance
Additionally, sometimes you'll have lease-related
accounting information that you need to keep track of,
but which doesn't need to be included in your disclosure
reports. For example, your records of environmental
obligations related to a piece of property may be helpful
to keep alongside your lease records, but they don't
need to be in the reports. Tango Lease makes it easy
for you to store any additional information along with
your lease records, while marking it for exclusion from
disclosure reports.
Finally, with Tango, you don't just get software, you get
a partner. We're right there with you throughout the
process—providing support, answering questions, and
guiding you every step of the way to successful GASB
87–compliant lease accounting.
Ready to see what Tango Lease
can do for your organization?
Request a demo today.
