FAA enplanement and traffic data: FAA Air Carrier Activity Information System (ACAIS) and CY 2024 Passenger Boarding Data. Hub classifications per FAA CY 2024 data (31 large hub, 27 medium hub).
Debt service coverage ratios and bond metrics: Sourced from airport official statements, annual financial reports (ACFRs), and continuing disclosure filings on EMMA (Municipal Securities Rulemaking Board).
Airline use agreement structures: Described based on publicly filed airline use agreements, official statements, and standard industry practice as documented in ACRP research reports.
GASB standards: Referenced from Governmental Accounting Standards Board pronouncements. Implementation guidance reflects DWU analysis of airport-sector practice; consult qualified accountants for specific applications.
Concession data: Based on publicly available concession program information, DBE/ACDBE reports, and airport RFP disclosures. Revenue shares and program structures vary by airport.
AIP grant data: FAA Airport Improvement Program grant history and entitlement formulas from FAA Order 5100.38D and annual appropriations data.
Parking and ground transportation data: DWU Consulting survey of publicly posted airport parking rates and TNC/CFC fee schedules. Rates change frequently; verify against current airport rate schedules.
Privatization references: Based on FAA Airport Privatization Pilot Program (APPP) records, published RFI/RFP documents, and publicly available transaction documentation.
Competition plan data: Based on FAA-required airport competition plans filed under 49 USC 47106(f) and publicly available airport gate/space allocation policies.
Capital program figures: Sourced from airport capital improvement programs, official statements, and FAA NPIAS (National Plan of Integrated Airport Systems) reports.
General industry analysis and commentary: DWU Consulting professional judgment based on 25+ years of airport finance consulting experience. Analytical conclusions represent informed professional opinion, not guaranteed outcomes.
Changelog
2026-02-21 — Added disclaimer, reformatted changelog, structural compliance review.2026-02-18 — Enhanced with cross-references to related DWU AI articles, added FAA regulatory resources and ACRP research resources sections, fact-checked for 2025–2026 accuracy. Original publication: February 2026.
Summary
GASB 87 (Leases) and GASB 96 (Subscription-Based Information Technology Agreements) replaced prior capital/operating lease model with single model (GASB 87 para. 4), changing how airports report operating leases, concession agreements, and IT subscriptions in financial statements. Airports adopted GASB 87 with fiscal year 2022 financial statements (implementation dates varying July 1, 2021 to June 30, 2022 depending on fiscal year start). Effective date June 15, 2021 means FY2022 first presentation.; GASB 96 effective fiscal year 2023 for most airports (July 1 fiscal year starts) or FY2024 for other configurations. Effective date June 15, 2022 means most airports first presented in FY2023.. These accounting changes increase reported liabilities and affect key financial metrics used for bond ratings and airline negotiations.
Reported Implications
GASB standards govern how U.S. public sector organizations, including airport authorities, report financial information. GASB 87 and 96 increased recorded assets and liabilities per GASB 87 implementation reports, potentially affecting debt service coverage ratios, bond covenants, and airline negotiations. Airport finance teams may evaluate the accounting treatments to properly interpret financial statements and manage stakeholder communications.
Scope & Methodology
This article draws on GASB standards documents, official accounting guidance, and airport annual financial report (CAFR/ACFR) implementations published in 2023–2024. Data is current as of the publication date noted in the changelog below.
1 GASB 87 (Leases) issued June 2017, effective June 2021 for all public sector entities
2 GASB 96 (Subscription-Based IT Arrangements) issued May 2020, effective June 2022 for all public sector entities
3 Airport CAFRs and financial reports reflecting GASB 87/96 adoption: published 2023–2024
FAA Regulatory Resources
The following FAA resources provide authoritative guidance on gasb 87 and 96 for airports:
- Grant Assurances — GA 24 (Fee and Rental Structure) — lease accounting changes affect rate-setting documentation
ACRP Research Resources
The Airport Cooperative Research Program (ACRP) has published research relevant to this topic:
- Report 121 — Innovative Finance and Alternative Sources of Revenue for Airports (2014). Financial reporting standards context.
Verify current applicability against primary sources.