If you’re a tribal government entity using subscription-based software, your financial statements will soon be held to a whole new accounting standard: GASB 96 – Subscription-Based IT Arrangements (SBITAs), which was issued in May 2020 by the Government Accounting Standards Board (GASB).
GASB 96 applies to government agencies that currently contract the use of cloud-based accounting and other software, including POS and videoconferencing software (like Teams or Zoom), enrollment software, data backup, remote storage, and cybersecurity tools.
Are you on track for implementing GASB 96 and meeting compliance rules? Do you know what you need to do, and by when?
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