GASB 87 Checklist is an important tool for organizations to use to properly assess and account for their leases. The checklist helps ensure compliance with the new leasing standards established by the Governmental Accounting Standards Board (GASB), which requires organizations to document, recognize, and report on all real estate leases they have entered into. By using the GASB 87 Checklist, organizations can accurately identify and assess their leases to properly comply with GASB standards.