Course Description

Join LeaseQuery as we examine the key concepts for Subscription-Based IT Arrangements (SBITAs) presented under GASB 96 and discuss how this new standard impacts government entities. We will review some  common contract components and the appropriate accounting treatment under the standard. The final section of this presentation will be applying the concepts introduced to an example, including the calculations necessary to record the journal entries required under GASB 96. 

Learning Objectives

• Identify important dates in a subscription-based IT arrangement and how they determine the subscription asset and liability term.
• Recognize key contract components and calculate each component’s impact to the subscription asset and subscription liability measurement.
• Discover the initial and subsequent journal entries for an operating lease under GASB 96.

Prerequisites

• None

Who Should Attend

Accounting and finance professionals from private organizations in the midst of their adoption of and post-transition to ASC 842 will benefit most from this event, along with CPAs who serve non-public companies.