GASB 96 Subscription-Based IT Arrangements: What Your School Needs to Know to Stay Compliant

GASB 96 (Governmental Accounting Standards Board Statement No. 96) provides guidance for governmental entities’ accounting and financial reporting of subscription-based IT arrangements. Subscriptions impact all types of governmental entities, including schools.

The standard aims to improve transparency and comparability in financial reporting and requires schools to report their subscription-based IT arrangements on their financial statements.