General Accounting
GASB 96 and Cloud Computing - It’s Implementation Time!
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.
Impaired Power Plant Asset With Attached Debt? Use ASC 360 and ASC 980 in Tandem
ASC 360 defines the impairment rules for utility assets under FASB. Asset impairment evaluation is the new way of life for electric utilities. ASC 360 for Impairment Accounting has become a steady part of our utility accounting world.
The electric utility power supply model is rapidly changing, as technological and political forces change the industry power supply framework. These changes require electric utilities to take a close look at asset utilization and the long-term viability of current power supply assets. Impairing assets may be a necessary step.