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GASB Proposes Guidance on Governmental Accounting for Cloud Computing, IT Subscriptions

May 28, 2019

The Governmental Accounting Standards Board (GASB) proposed new guidance on how state and local governments should handle accounting and financial reporting for cloud computing and similar subscription-based information technology arrangements. While existing GASB literature already deals with on-premise computer software — either internally developed or acquired through perpetual licensing agreements — some of GASB’s constituents have asked about how to properly account for and report on cloud computing and other remote-access forms of software applications and data storage that are subscription-based. Read more (PDF) at the GASB website.