GASB issued accounting and financial reporting guidance Friday, June 5, for subscription-based information technology arrangements used by state and local governments.
Subscription-Based Information Technology Arrangements (GASB Statement No. 96) defines a subscription-based technology arrangement as a contract that conveys control of the right to use a vendor’s software, alone or in combination with tangible capital assets (the underlying IT assets), as specified in the contract for a period in an exchange or exchange-like transaction. Learn more.