Get email alerts on the Accounting topic
No spam. Unsubscribe anytime.
Wayne County adopts GASB 96 SBITA policy, sets $50,000 capitalization threshold
Summary
The board adopted Resolution No. 27-02 implementing GASB Statement No. 96 for Subscription Based Information Technology Agreements and set a $50,000 right-to-use capitalization threshold for county reporting.
The Wayne County Board of Supervisors adopted Resolution No. 27-02 to implement GASB Statement No. 96 on Subscription Based Information Technology Agreements (SBITA). The policy instructs departments to recognize intangible subscription assets when a contract conveys control of the right to use software or related IT assets for more than twelve months and clarifies which agreements are excluded.
The resolution establishes that "All right-to-use subscription assets at or above $50,000 must be reported." It also outlines measurement and amortization rules—measurement at the present value of expected payments and straight-line amortization over the shorter of the SBITA term or the useful life of the underlying asset.
AI generated
The text on this page is AI generated. Summaries, highlights, analysis, and video transcripts are all produced from the original source material.
AI can make mistakes, so if you spot one, and we will fix it for everyone.
Note: the source content is unaltered by us. Any content source we link to, be it a video, an audio recording, or a document, is presented exactly as its publisher released it. That publisher is usually a government body, sometimes an individual official or another organisation.
