GASB 96 Effective Date
GASB 96 will go into effect for fiscal years starting after June 15, 2022. Early adoption is encouraged.
How To Use AI To Comply
We at smrt believe there is a much bigger discussion to be had about whether a subscription agreement is truly an “asset”. But we are not standard-setters. We are innovators, and are supportive of the goal of providing more financial visibility into organizations.
In the spirit of innovation, we support GASB 87 and GASB 96 for our Controllers and Audit Leaders – all in a single workflow.
We use the same AI-powered workflow for Leases, which helps extract key terms, such as Dates, Financials and embedded data points.
The proliferation of SaaS arrangements will make GASB 96 a significant undertaking for organizations. The financial impact will not be as material as Leases, but the volume of software agreements that qualify may surprise you.