ACFR FY 2023 Final - Flipbook - Page 41
City of Eustis, Florida
FINANCIAL SECTION
Subscription-Based Information Technology Arrangements (SBITA)
In FY 2023 the Governmental Accounting Standards board (GASb) implemented new Statement
Noÿ 96, Subscription-based Information Technology Arrangements (SbITA)ÿ GASb 96 applies to all
State and local governmental entities. GASB 96 must be implemented for oscal years beginning
after June 15, 2022 and the effects of the standard must be presented on the September 30, 2023,
onancial statements.
The GASb mission is to establish and improve accounting and reporting standards to provide useful
information to users of onancial reports. It will increase the reliability and transparency of government onancials by requiring GASB entities to report a subscription asset and subscription liability
for SbITAs and disclose important information about these arrangementsÿ These disclosures will
help users of the onancial statements better evaluate the entity9s obligations related to SBITAs.
GASB 96 deones a SBITA as
