In order to be in compliance with GASB 87 as of July 1, 2021, all operating leases will be recorded as a capital asset. Effective immediately, Capital Assets Management will require custodial information to be recorded in the transaction to acquire the lease purchase. This process is similar to purchased capital equipment and software. Capital leases will now require the use of IACT 6737 on requisitions and evouchers. The use of IACT 6737 will prompt the user to complete the following required information for this asset: location, room, custodian, and other asset related information.
All questions regarding this new process should be directed to: Capital Assets Management at CAM@uiowa.edu.