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GASB 96 + Subscription-Based Information Technology Arrangements

Paul Baumert, Healthcare Consulting Shareholder
July 15, 2022
GASB 96 + Subscription-Based Information Technology Arrangements

Governmental entities are required to implement GASB 96 for fiscal years beginning after June 15, 2022. It provides guidance on financial reporting regarding Subscription-Based Information Technology Arrangements (SBITAs). SBITAs are contracts that convey control of the right to use a third party's software, with or without tangible capital assets, in an exchange or exchange-like transaction over the term of the contract.

The new standard requires recording a right-to-use subscription asset (intangible asset) and a corresponding liability on the balance sheet.

  • The asset is recorded as the sum of the initial subscription liability amount, payments made to the third-party vendor before the start of the subscription term, and capitalizable implementation cost, less any incentives received from the third-party vendor at or before the commencement of the subscription term.
  • The liability is recorded at the present value of subscription payments expected to be made during the subscription term discounted using the interest rate the third-party vendor charges or the governmental entity’s incremental borrowing rate if the third-party’s interest rate is not determinable.

The asset is amortized as an outflow of resources over the subscription term.  The subscription liability is reduced as payments are made, and interest expense is recognized as an outflow of resources. Financial statement disclosures regarding SBITAs will also be required. If you have any questions on this topic, please contact us.

  • Relator, Achiever, Restorative, Focus, Belief

Paul Baumert

Healthcare Consulting Shareholder

Paul Baumert, Healthcare Consulting Shareholder, began his career in 1998. With over two decades of experience, he has established himself as a pivotal leader in healthcare accounting and consulting. Since 2011, Paul has led Lutz’s rural hospital practice, showcasing his commitment to serving healthcare organizations.  

Specializing in Medicare and Medicaid reimbursement, cost reporting, and financial analysis, Paul leverages his extensive experience to provide solutions that generate positive financial results for hospitals. His day-to-day responsibilities encompass financial management support services and reimbursement analysis. Paul finds fulfillment in helping rural healthcare facilities maintain their critical role in their communities. 

 

At Lutz, Paul embodies the firm's commitment to serving beyond expectations through his dedication to rural healthcare sustainability. His ability to restore financial health while maintaining meticulous attention to detail has solidified Lutz's position as a trusted advisor to healthcare organizations across the region. As department head, he has cultivated a team that shares his passion for preserving and enhancing rural healthcare access. 

 

Paul lives in Elkhorn, NE, with his wife Shelly, their four children, dog Max, and cats Luna and Oliver. Outside the office, he reads, plays golf, and attends his children’s activities. 

402.827.2315

pbaumert@lutz.us

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