Insight in Indian Country Podcast
Trusted Expertise to Serve Tribal Nations
The need for consistency, collaboration, and good internal controls cannot be overstated for implementing GASB 96, which establishes uniform accounting and financial reporting for subscription-based information technology agreements (SBITAs).
With upcoming fiscal years ends on the horizon, REDW National Tribal Practice Leader Wes Benally and Audit Principal Chris Bitakis take some time to discuss GASB 96 implementation thus far and provide insights for tribal organizations to consider. They cover some of the challenges some Tribes have experienced during implementation and the similarities and differences between GASB 87 and GASB 96. They also discuss the importance of centralizing contracts and agreements, calculating liabilities, and creating disclosures. Professionals that are in need of a brief check in (and maybe a few laughs) while navigating the implementation of GASB 96 will find practical guidance in this episode.
Takeaways
- Implementing GASB 96 can be challenging, especially for organizations that did not adequately plan for the implementation of GASB 87.
- Centralizing contracts and agreements is crucial for effectively implementing GASB 96.
- Calculating liabilities requires extracting significant data, determining the legally enforceable term, and using an appropriate interest rate.
- Creating disclosures for GASB 96 should include a separate right-to-use subscription asset, note payable roll forward, and a subscription liability footnote.
- Consistency, collaboration, and good internal controls are key to successfully implementing GASB 96.
Chapters
- 00:00 – Introduction and Overview
- 03:01 – Understanding SBITA and Its Importance
- 07:20 – Calculating Liabilities for GASB 96
- 09:48 – Centralizing Contracts and Agreements
- 12:42 – A Few Notes on Best Practices
- 16:26 – Creating Disclosures for GASB 96
- 21:44 – The Final Stretch for Implementing GASB 96
- 24:18 – Conclusion and Closing Remarks
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References
- Contact Chris and the Audit team at REDW for questions.
Meet Your Host
Wesley Ryan Benally, CPA
REDW Principal and National Tribal Practice Leader
As the leader of REDW’s National Tribal Practice, Wes is committed to improving financial literacy throughout Indian Country and hosts the Insight in Indian Country Podcast. He oversees audits of a wide range for Native American communities, state and local government agencies, and non-profits, nationwide, is a member of the Arizona State Board of Accountancy’s Peer Review Oversight Advisory Committee and serves as an instructor with Arizona State University’s American Indian Policy Institute. In addition, as a Board member for a tribal gaming entity that operates in two states, Wes keeps up with regulatory issues important to tribal gaming operations. Wes is an enrolled member of the Navajo Nation.
More from Insight in Indian Country
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- Watch: Ransomware: Are You on a Hacker’s Hit List?Join the Cybersecurity experts from REDW for an interactive webinar that offers five critical defense strategies for safeguarding your Tribal organization, plus our free Cyber Incident Response Playbook.
- NAFOA 43rd Annual ConferenceFrom April 28-29 in New Orleans, REDW will be joining with tribes, state and federal government officials, and leading industry experts to discuss the latest economic issues in Indian Country.
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- Oklahoma Tribal Finance Consortium 2025 Spring ConferenceAs a proud supporter and sponsor of the OTFC, REDW will be both speaking and exhibiting at this event.
