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05-24-21-R
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05-24-21-R
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<br />-25- <br />GASB Statement No. 92, Omnibus 2020 <br /> <br />The objectives of this statement are to enhance comparability in accounting and financial reporting and to <br />improve the consistency of authoritative literature by addressing practice issues that have been identified <br />during implementation and application of certain GASB Statements. This statement addresses a variety of <br />topics and includes specific provisions about the following: <br /> <br />• The effective date of Statement No. 87, Leases, and Implementation Guide No. 2019-3, Leases, <br />for interim financial reports <br />• Reporting of intra-entity transfers of assets between a primary government employer and a <br />component unit defined benefit pension plan or defined benefit other post-employment benefit <br />(OPEB) plan <br />• The applicability of Statements No. 73, Accounting and Financial Reporting for Pensions and <br />Related Assets That Are Not within the Scope of GASB Statement 68, and Amendments to Certain <br />Provisions of GASB Statements 67 and 68, as amended, and No. 74, Financial Reporting for <br />Postemployment Benefit Plans Other Than Pension Plans, as amended, to reporting assets <br />accumulated for post-employment benefits <br />• The applicability of certain requirements of Statement No. 84, Fiduciary Activities, to <br />post-employment benefit arrangements <br />• Measurement of liabilities (and assets, if any) related to asset retirement obligations in a <br />government acquisition <br />• Reporting by public entity risk pools for amounts that are recoverable from reinsurers or excess <br />insurers <br />• Reference to nonrecurring fair value measurements of assets or liabilities in authoritative <br />literature <br />• Terminology used to refer to derivative instruments <br /> <br />The requirements of this statement are effective for fiscal years beginning after June 15, 2021. Earlier <br />application is encouraged. <br /> <br />GASB Statement No. 96, Subscription-Based Information Technology Arrangements <br /> <br />This statement provides guidance on the accounting and financial reporting for subscription -based <br />information technology arrangements (SBITAs) for government end users (governments). This statement <br />(1) defines a SBITA; (2) establishes that a SBITA results in a right-to-use subscription asset—an <br />intangible asset—and a corresponding subscription liability; (3) provides the capitalization criteria for <br />outlays other than subscription payments, including implementation costs of a SBITA; and (4) requires <br />note disclosures regarding a SBITA. To the extent relevant, the standards for SBITAs are based on the <br />standards established in Statement No. 87, Leases, as amended. <br /> <br />An SBITA is defined as a contract that conveys control of the right to use another party’s (an SBITA <br />vendor’s) information technology (IT) software, alone or in combination with tangible capital assets (the <br />underlying IT assets), as specified in the contract for a period of time in an exchange or exchange-like <br />transaction. Under this statement, a government generally should recognize a right-to-use subscription <br />asset—an intangible asset—and a corresponding subscription liability. <br /> <br />This statement provides an exception for short-term SBITAs with a maximum possible term under the <br />SBITA contract of 12 months, including any options to extend, regardless of their probability of being <br />exercised. Subscription payments for short-term SBITAs should be recognized as outflows of resources. <br /> <br />This statement requires a government to disclose descriptive information about its SBITAs other than <br />short-term SBITAs, such as the amount of the subscription asset, accumulated amortization, other <br />payments not included in the measurement of a subscription liability, principal and interest requirements <br />for the subscription liability, and other essential information. <br /> <br />The requirements of this statement are effective for fiscal years beginning after June 15, 2022, and all <br />reporting periods thereafter.
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