In the ever-evolving landscape of financial reporting and compliance, governmental entities face the challenges posed by standards such as GASB 87 and GASB 96. Phoenix Business Consulting, a leader in SAP solutions, stands at the forefront, offering tailored services to assist organizations in achieving and maintaining compliance with these regulatory frameworks.
Understanding GASB 87 and GASB 96
GASB 87:
The Governmental Accounting Standards Board (GASB) Statement 87 fundamentally changes the accounting for leases by governmental entities. It requires entities to recognize lease assets and liabilities on the balance sheet, providing a more transparent representation of their financial position.
GASB 96:
GASB 96, on the other hand, addresses subscription-based information technology arrangements, introducing new guidelines for reporting these services in financial statements. This standard aims to improve the consistency and comparability of financial reporting related to cloud computing and other subscription-based technology arrangements.
How Phoenix Business Consulting Can Help
1. Comprehensive SAP Solutions:
Phoenix understands the complexities of GASB standards and has developed comprehensive SAP solutions to streamline compliance processes. Our experts work closely with governmental entities to implement robust systems that ensure accurate lease accounting and reporting.
2. GASB 87 and GASB 96 Readiness Assessments:
We conduct thorough assessments to evaluate the current state of your financial systems in relation to GASB 87 and GASB 96 requirements. This initial step is crucial in developing a tailored roadmap for compliance.
3. Customized Implementations:
Leveraging the power of SAP, we implement customized solutions that align with the specific needs of your organization. Our goal is to ensure seamless integration with existing systems while meeting the stringent reporting requirements of GASB standards.
4. Data Accuracy and Integrity:
Phoenix places a premium on data accuracy and integrity. Our SAP solutions for GASB compliance focus on meticulous data management, reducing the risk of errors and ensuring that financial information is both reliable and transparent.
5. Training and Support:
We provide comprehensive training for your finance and accounting teams to navigate the nuances of GASB 87 and GASB 96 compliance. Additionally, our support services are designed to address any challenges that may arise during the implementation and reporting phases.
6. Continuous Monitoring and Updates:
GASB standards are subject to updates and amendments. Phoenix commits to continuous monitoring of regulatory changes and ensures that your SAP solutions remain current and in compliance with evolving standards.
Partner with Phoenix for Seamless Compliance
Phoenix Business Consulting is your trusted partner in navigating the complexities of GASB 87 and GASB 96 compliance. Our SAP solutions are not just tools; they are strategic enablers that empower your organization to meet regulatory requirements with confidence.
Contact Phoenix today to embark on a journey towards seamless compliance, where our expertise meets your unique needs. At Phoenix Business Consulting, we pave the way for financial transparency and accountability, ensuring that your organization is well-prepared for the challenges and opportunities ahead.
