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<p class="MsoNormal">Good day ACFR contacts!<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Ready to implement another GASB Statement? [The accountants energetically say “yes”]. Fantastic!<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Allow me to introduce GASB Statement No. 96, <i>Subscription-Based Information Technology Arrangements (SBITA):
</i><a href="https://gasb.org/jsp/GASB/Document_C/DocumentPage?cid=1176174710997&acceptedDisclaimer=true">https://gasb.org/jsp/GASB/Document_C/DocumentPage?cid=1176174710997&acceptedDisclaimer=true</a>.<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">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. <o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">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.
<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Statement No. 96 takes effect July 1, 2022 for <b>fiscal year 2023</b> financial reporting. More information will be provided in Spring 2022.
<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Have a great day!<o:p></o:p></p>
<p class="MsoNormal">s<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><b><span style="font-family:"Arial",sans-serif">Stacey A. Chase<o:p></o:p></span></b></p>
<p class="MsoNormal">Senior Financial Reporting & Policy Analyst<o:p></o:p></p>
<p class="MsoNormal">Chief Financial Office<o:p></o:p></p>
<p class="MsoNormal">Department of Administrative Services<o:p></o:p></p>
<p class="MsoNormal">Call via Teams or (971) 900-9993<o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#1F497D"><a href="https://www.oregon.gov/das/financial/acctng/pages/index.aspx"><span style="color:blue">https://www.oregon.gov/das/financial/acctng/pages/index.aspx</span></a><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif">Data Classification: Level 1 - Published</span><o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
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