Consulting Services

The Vendor is required to provide the services of a qualified professional firm to assist the department of finance with the implementation of government accounting standards (GASB) 87 and GASB 96.
- Provide comprehensive consulting services including, but not limited to, data collection, review of agreements and contracts, applicability determination, documenting relevant contract terms, categorization of contracts under GASB 87 and 96, selection of discount rates, preparation of schedules (including amortization schedules), footnote disclosures and other services as needed.
- Identify all existing agreements and contracts through review of documents and contracts maintained at the department of property and procurement, contracts at executive branch departments and agencies and through a review of legislation enacted by the legislature.
- Review all existing agreements and contracts and document the best approach to determine their eligibility under GASB 87 and GASB 96.
- Provide a comprehensive list of all contracts that meet the GASB 87 and GASB 96 definition and provide documentation and support for their inclusion in this analysis.
- Gather key data to determine the contract/agreement terms and calculate the contract value including: the lease/contract term, payment terms, calculated liability/asset, amortization, deferred outflows/inflows, and interest income/expense in accordance with GASB 87 and GASB 96.
- Provide support for discount rates selected and utilized in the GASB 87 and GASB 96 computations.
- Provide a comprehensive list of agreements and contracts that may be excluded from GASB 87 or GASB 96 reporting and provide documentation of the rationale for the exclusion.
- Assist with suggestive journal entries and footnote disclosures for the financial statements of the government, including opening balance adjustments in the first year implemented.
- Develop a framework for evaluating new contracts entered into by the government.
- Develop and document procedures to assist the government in its annual updating of the valuation and reporting of leases.
- Respond to questions and provide additional information as needed to complete GASB 87 and GASB 96 accounting and disclosures.
- Contract Period/Term: 2 years
- Questions/Inquires Deadline: June 13, 2025