GASB Issues Guidance on Cloud Computing and Similar Subscription-Based Information Technology Arrangements
June 5, 2020
The GASB has issued Statement No. 96, Subscription-Based Information Technology Arrangements. Statement 96 (1) defines subscription-based information technology (SBITAs), (2) “requires governments with SBITAs to recognize a right-to-use subscription asset—an intangible asset—and a corresponding subscription liability,” and (3) “provides guidance related to outlays other than subscription payments, including implementation costs, and requirements for note disclosures related to a SBITA.”
For more information, see the press release on the GASB’s Web site.