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Auditor flags GASB 96 implementation issue for subscriptions
Summary
The auditor identified a significant deficiency tied to implementation of GASB 96 (subscription-based accounting). Staff said this was the second year of implementation and the district missed capitalizing some subscriptions but has corrected the entries.
The committee heard that the auditor found a significant deficiency related to GASB 96, the accounting standard on subscription-based information technology arrangements. Tara Camp described the issue as an accounting-rule error that has appeared in other districts during the early implementation phase.
"GASB 96... this is the 2nd year of implementation," Camp said, noting many agencies are still adjusting practice. District staff explained the error resulted from a change in who handled subscription accounting and that corrective journal entries were made as part of the audit process. The district plans to use hiring and training to reduce future errors tied to new standards.
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