Stay Up to Date With GASB 96 Implementation
01/11/23 • 14 min
GASB Statement No. 96, Subscription-Based Information Technology Arrangements (SBITA), is in effect for fiscal years beginning after June 15, 2022. This episode will focus on GASB 96, its implementation and next steps for governments to take.
Scott Anderson, a Director on Cherry Bekaert’s Government & Public Sector (GPS) team who has recently returned from his GASB fellowship, sat down with Danny Martinez, Government & Public Sector Accounting Advisory Lead, to discuss GASB 96 and the implementation process.
Part of our GPS podcast series, this episode covers:
- Important considerations for beginning the SFASS 54 implementation process
- Definition of SBITA
- Similarities to and differences from GASB 87, Leases
- Connection to the recent exposure draft
- Early challenges
- Implementation process
If you have any questions specific to your business needs, Cherry Bekaert’s Government & Public Sector team is available to discuss your situation with you.
Related Resources:
- Article/Alert: GASB 96 (in progress)
- Podcast: GASB Hot Topics and Accounting Standards Update
- Webinar: GASB Updates for the Government & Public Sector
GASB Statement No. 96, Subscription-Based Information Technology Arrangements (SBITA), is in effect for fiscal years beginning after June 15, 2022. This episode will focus on GASB 96, its implementation and next steps for governments to take.
Scott Anderson, a Director on Cherry Bekaert’s Government & Public Sector (GPS) team who has recently returned from his GASB fellowship, sat down with Danny Martinez, Government & Public Sector Accounting Advisory Lead, to discuss GASB 96 and the implementation process.
Part of our GPS podcast series, this episode covers:
- Important considerations for beginning the SFASS 54 implementation process
- Definition of SBITA
- Similarities to and differences from GASB 87, Leases
- Connection to the recent exposure draft
- Early challenges
- Implementation process
If you have any questions specific to your business needs, Cherry Bekaert’s Government & Public Sector team is available to discuss your situation with you.
Related Resources:
- Article/Alert: GASB 96 (in progress)
- Podcast: GASB Hot Topics and Accounting Standards Update
- Webinar: GASB Updates for the Government & Public Sector
Previous Episode
Initial SFFAS 54 Implementation Considerations for Federal Agencies
SFFAS 54, Leases, is effective for fiscal years beginning on or after October 1, 2023. Federal agencies should start considering how their leasing transactions must be accounted for on the balance sheet as we move forward.
Danny Martinez, Government & Public Sector Accounting Advisory Lead, sat down with Ward Melhuish, Federal Government Sector Advisory Leader, to discuss the first of four steps federal agencies should follow in their SFFAS 54 implementation process.
Part of our GPS podcast series, and the first in our SFFAS 54, Leases, mini-series, this episode covers:
- Considerations when beginning the SFFAS 54 implementation process
- Training to help understand SFFAS 54
- Criteria for an SFFAS 54 implementation team
- Takeaways from large federal project implementation teams
- Template development and creation
- Transition period and process
If you have any questions specific to your business needs, Cherry Bekaert’s Government & Public Sector team is available to discuss your situation with you.
Related Resources:
- Article: SFFAS 54, Leases Is Coming: What Should Your Federal Agency Do About It Today?
- Webinar: Introduction to the Federal Leasing Standard SFFAS 54
Next Episode
Identifying Complete Leasing Populations for SFFAS 54 Implementation
With SFFAS 54, Leases, effective for fiscal years beginning on or after October 1, 2023, federal agencies should start to identify their leasing populations and consider how their leasing transactions must be accounted for on the balance sheet.
Danny Martinez, Government & Public Sector Accounting Advisory Lead, sat down with Richard Hart, Senior Audit Manager, to discuss this second of four steps that federal agencies should follow in their SFFAS 54 implementation process.
Part of our GPS podcast series, and the second in our mini-series on SFFAS 54, Leases, this episode covers the:
- Importance of completeness in finding leases
- Power of data analytics
- Challenges and examples of embedded leases
- Best practices for phase two of SFFAS 54 implementation
If you have any questions specific to your business needs, Cherry Bekaert’s Government & Public Sector team is available to discuss your situation with you.
Related Resources:
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