[ACFR-contacts-news] GASB Statement No. 96, Subscription-Based Information Technology Arrangements

[CHASE Stacey A * DAS]

Good day ACFR contacts!

Ready to implement another GASB Statement? [The accountants energetically say "yes"]. Fantastic!

Allow me to introduce GASB Statement No. 96, Subscription-Based Information Technology Arrangements (SBITA): https://gasb.org/jsp/GASB/Document_C/DocumentPage?cid=1176174710997&acceptedDisclaimer=true.

Statement No. 96 provides guidance for measuring, recognizing, and disclosing SBITAs. Some of the guidance is similar to the new lease reporting standards. For example, qualifying SBITAs will be recognized on the balance sheet as a subscription asset and a subscription liability.

For purposes of applying Statement No. 96, a SBITA is a contract that conveys control of the right to use another party's (a SBITA vendor's) IT software, alone or in combination with tangible capital assets (the underlying IT assets), as specified in the contract for a period of time in an exchange or exchange-like transaction.

Statement No. 96 takes effect July 1, 2022 for fiscal year 2023 financial reporting. More information will be provided in Spring 2022.

Have a great day!
s

Stacey A. Chase
Senior Financial Reporting & Policy Analyst
Chief Financial Office
Department of Administrative Services
Call via Teams or (971) 900-9993
https://www.oregon.gov/das/financial/acctng/pages/index.aspx

Data Classification: Level 1 - Published

-------------- next part --------------
An HTML attachment was scrubbed...
URL: <https://omls.oregon.gov/pipermail/acfr-contacts-news/attachments/20210911/a7951510/attachment.html>