Webcontracted by a reporting entity of the State of North Carolina and a vendor providing software as a service. GASB 96 does not apply to the following: • Contracts that convey control of the right to use another party’s combination of IT software and tangible capital assets that meets the definition of a lease in GASB 87, WebSummary - Statement No. 87 Summaries / Status Summary of Statement No. 87 Leases (Issued 06/17) The objective of this Statement is to better meet the information needs of financial statement users by improving accounting …
North Carolina Office of the State Controller - NC
WebThe Department of Finance and Administration – Financial Control Division is responsible for the following: determining the legality of and authority for proposed expenditures centrally processing and recording transactions assuring that sufficient cash and budget are available prior to the commitment of public funds Web1 review of State Controller's Office "The building is nice to look at, but many floors are freezing when it's freezing outside and boiling when it's boiling outside. Makes it hard to … express care highland
Summary - Statement No. 87 - GASB
WebThe Governmental Accounting Standards Board (GASB) issued a standard that will improve the accounting and financial reporting for Leases. The objective of this standard is to better meet the information needs of financial statement users by improving accounting and financial reporting for leases by governments. Statement 87 WebGASB 87 Lease Accounting Decision Tree– LESSORS. Is the lease for an asset that is excluded from the scope of GASB 87? (See Scope Guide ) YES . Record revenue as payments are received. NO . Does the lessee have control of the right to use the asset? 1. YES . Is the maximum lease term greater than 12 months? 2. NO . Record revenue as … WebApr 20, 2024 · GASB 87 defines “control” as “the right to obtain present service capacity and the right to determine the nature and manner of use.” GASB 87, paragraph 5 GASB 87 … bubbling bucket hydroponics