GASB Statement No. 103, titled "Financial Reporting Model Improvements," aims to enhance the clarity, consistency, and usefulness of financial reports for state and local governments. This statement introduces key changes that adds more details to financial statements that provides more information for the financial statement reader.

The implementation period for GASB 96 Subscription Based Technology Arrangements is here; how exciting! Well, if you do accounting for a living, you know that there’s a certain satisfaction in implementing new standards and changing the face of your financial statements, especially when it is a benefit to your organization.

What is the benefit of using GASB 96 to account for your move to cloud-based software systems? This article walks you through the implementation of GASB 96.