Readying for GASB-87
Even with the Governmental Accounting Standards Board’s (GASB) recent decision to postpone its standards and enforcement, GCR continues to push forward building a solution to help its airport clients comply with GASB 87.
“It is a challenging and uncertain time for airports, and we’re here to give them the support and expertise they need to navigate this fluid situation,” said Tim Walsh, GCR’s President of Critical Infrastructure. “We’re staying ahead of the deadlines, irrespective of them being postponed, and ensuring our software systems meet the specific needs of airports relative to the new lease accounting standard.”
GCR has assembled a Steering Committee of airport executives from across the country to inform upgrades to its AirportIQ Business Manager (ABM) and AirportIQ Business and Revenue Management (ABRM) systems, which are used by more than 50 major airports nationwide. The group met remotely this month to review the GASB 87 guidelines and fine tune GCR’s applications to help make compliance easier, automated, and more efficient.
“It is critical for airports to understand how GASB 87 applies to them and to put necessary systems in place to implement the reporting requirements,” said Walsh. “Early compliance is encouraged, and GCR’s experts are providing airport executives with guidance on how best to leverage ABRM to meet their airport’s unique needs, especially in light of this extraordinary situation.”
In immediate response to the decline in passenger air travel due to the pandemic, GCR recently hosted a client-only webinar to walk airports through the process of managing rent deferment and forbearance in ABM and ABRM.
In addition to strong accounting functionality, the AirportIQ suite offers solutions for virtually every aspect of airport management, from revenue management to security and credentialing, all of which work together to make airports more efficient, profitable, and secure.
To learn more about how GCR is helping airports prepare for GASB 87 compliance, contact Spencer Stewart at SStewart@GCRinc.com or 805.245.9050.