Creating finance enterprise groups for GASB 87 leases

According to GASB 87, all leases are considered finance leases unless they meet certain exceptions and are reported on the balance sheet. A new right-of-use (ROU) asset and lease liability is listed separately on the balance sheet
Use this procedure to set the lease accounting method on the accounting entity
Caution: 
You can cannot change the lease accounting method after it is used.
  1. Select Finance Enterprise Group > Maintenance.
  2. Open the finance enterprise group record.
  3. On the Options tab, specify this information:
    Lease Accounting Method
    Select GASB87 or ASC842.
  4. Click Save.