GASB 96 - Cloud Computing for Municipal Utilities - Here are Insights
- Nov 2, 2021 5:18 pm GMT
As municipal utilities move information technology to the cloud, this statement defines the accounting rules
Governmental Accounting Standards Board (GASB) Statement No. 96, Subscription-based Information Technology Arrangements, defines the approach and accounting to subscription technology agreements. this GASB 96 Cloud Computing standard will impact your financials with some new rules.
Statement No. 96 is effective for fiscal years beginning after June 15, 2022. Earlier implementation is allowed and encouraged by the GASB.
Summary of GASB Statement No. 96
Current accounting guidance for software accounting for public sector entities is in GASB Statement No. 51 – Accounting and Financial Reporting for Intangible Assets (Issued in 2007). GASB Statement No. 51 details the rules for capitalizing and expensing portions of software projects, recording the capitalized costs as intangible assets that amortized over the software asset's life. But, here comes GASB 69 Cloud Computing.
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