Skip to content
Breadcrumbs

Reporting Requirements for Annual Financial Reports of State Agencies and Universities

Note: To navigate this guide on a mobile device you must use the Table of Contents.

Reporting Requirements for Annual Financial Reports of State Agencies and Universities

Universities

Leases — Exceptions

According to GASB 87, leases do not apply to:

  • Short-Term Contracts
  • Certain Regulated Leases
  • Transfer Ownership Contracts
  • Leases of assets that are investments (GASB 72)
  • Intangible assets, including:
    • Rights to explore for or to exploit natural resources (such as oil, gas, minerals and similar nonregenerative resources)
    • Licensing contracts for items (such as motion picture films, video recordings, plays, manuscripts, patents and copyrights)
    • Licensing contracts for computer software (GASB 96)
  • Biological assets (including timber and living plants and animals)
  • Inventory
  • Public-Public and Public-Private partnerships and service concession arrangements (GASB 94)
  • Leases in which the underlying asset is financed with outstanding conduit debt (unless both the underlying asset and the conduit debt are reported by the lessor) (GASB 91)
  • Supply contracts (such as power purchase agreements)
  • Leases for a nominal amount (usually considered to be grants)