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GASB 96 - Initial Application Date

Review this article for help determining the Initial Application Date for your 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 Crunchafi Lease Accounting

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.