What is GASB 96?
Most organizations use cloud software like Office 365, Zoom, DocuSign, or a cloud-based ERP. These are examples of Subscription-Base IT Arrangements (SBITAs) under GASB 96. GASB 96 is a new accounting standard that requires SBITAs to be reported on the financial statements of local governments, public colleges and universities, and public hospitals among others. It is effective for reporting periods beginning after June 15, 2022.
In the recent transition to GASB 87, many organizations felt finding, organizing, and entering all their leases was one of the most difficult parts. It is estimated that most organizations have 20+ SBITAs. It’s not too early to start thinking about GASB 96! LeaseQuery for GASB 96 is a proven solution to handle the complex capitalization criteria and subsequent accounting for the new guidelines.
“It was the ultimate relief to hear that all this craziness that GASB is putting out, that there really is a way that we’re going to be able to handle it.”
Accounting Manager, Utah State University
Download our 10 Steps to GASB 96 Adoption Guide
- Identify your SBITAs
- Track SBITAs across your organization
- Vet GASB 96 software