GASB Lease Standards Engagement

The City of Chicago, through its Department of Finance, is seeking comprehensive professional services to ensure compliance with the Governmental Accounting Standards Board (GASB) lease standards.

This procurement aims to engage a qualified vendor to provide expert guidance, analysis, and implementation support related to the complex accounting and financial reporting requirements mandated by GASB. The engagement will focus on the proper recognition, measurement, and disclosure of lease-related assets and liabilities on the City's financial statements.

This is a professional services contract, specifically categorized as Comptroller-Other, indicating a need for specialized expertise beyond standard procurement categories. The City is looking for a vendor with a proven track record in governmental accounting, particularly in navigating the intricacies of GASB pronouncements. Typical requirements for such an engagement would include a thorough review of existing lease agreements, the development of robust internal controls and processes for lease accounting, assistance with data collection and management, and the preparation of necessary financial statement disclosures. Furthermore, the selected vendor will likely be expected to provide training and support to City personnel to foster ongoing compliance and understanding of the GASB lease standards. The successful completion of this engagement is critical for maintaining the integrity and transparency of the City of Chicago's financial reporting.