The GASB 87 and GASB 96 handbook outlines new governmental lease accounting standards. GASB 87, effective June 15, 2021, replaces operating and capital leases with a single model, requiring recognition of lease liabilities, assets, receivables, and deferred inflows, with specific disclosure requirements and exceptions. GASB 96, effective June 15, 2022, applies to subscription-based IT arrangements, establishing rules for subscription liabilities, assets, amortization, and disclosures. Both follow similar principles for measurement, modifications, and terminations. The guide recommends a six-step transition process including risk and impact assessments, gap analysis, roadmap development, implementation, and internal control evaluation, stressing early preparation and the right provider for

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