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While GASB 87 & 96 have different effective dates, some organizations choose to implement at the same time.
Option 1: Implement GASB 87 & 96 at the same time
When choosing to implement GASB 87 and GASB 96 at the same time, users will create two Reporting Entities, selecting different standards and using the same Initial Application Date. More details here: GASB 87 Initial Application Date.
When adding leases, select the accounting standard for GASB 87 and then the appropriate Reporting Entity.
When adding leases, select the accounting standard for GASB 96, the appropriate Reporting Entity and the Asset Type of GASB 96 - SBITA.
When running reports, select the standard and the My Leases screen will show only those assets assigned to the standard selected.
Option 2: Implement GASB 87 & 96 separately
When choosing to implement GASB 87 and GASB 96 with different Initial Application Dates, users will create two Reporting Entities. The Initial Application Date for GASB 96 is one year later than GASB 87 unless the organization chose to early adopt. More details here: GASB 87 Initial Application Date
When adding leases, select the accounting standard for GASB 87 and then the appropriate Reporting Entity.
When adding leases, select the accounting standard for GASB 96, the appropriate Reporting Entity and the Asset Type of GASB 96 - SBITA.
When running reports, select the standard and the My Leases screen will show only those assets assigned to the standard selected.