GASB 96 - SBITA
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      GASB 96 - Initial Application Date

      What is the Initial Application Date for my organization under GASB 96?

      GASB 96 is effective for fiscal years beginning after June 15, 2022 and all reporting periods thereafter. This statement should be applied retroactively by restating financial statements, if practicable, for all prior fiscal years presented. (Paragraph 63)

      Initial Application Date in LeaseCrunch

      In the Administration tab, each Reporting Entity under GASB 96 is associated with the Initial Application Date. The date of the earliest period presented in which you are applying GASB 96 is your Initial Application Date. 

      Need some assistance? Use our Initial Application Date Calculator to determine the correct date for your organization.

      Items to note:

      • The Initial Application Date is not the start date of your earliest lease.
      • The Initial Application Date under GASB 96 is generally not earlier than 2021 unless you present more than 2 years in your financial statements.