Navigating GASB standards: Assessing impacts and planning ahead

During this session, we covered key topics, including an update on new and upcoming Governmental Accounting Standards Board (GASB) standards, an overview of accounting and financial reporting requirements for exchange and exchange-like financial guarantees, upcoming changes to the classification and reporting of certain derivative instruments, and the impact on classification and financial reporting for error corrections and accounting changes under GASB Statement No. 100.

Additionally, we conducted an in-depth evaluation of the implementation of GASB 101, exploring changes from GASB 16, components of leave, and updated disclosure requirements. Our discussion included risks related to vulnerabilities common among state and local governments due to certain concentrations or constraints, along with the disclosure requirements for these risks under GASB 102.

There are several implementation considerations when considering the following issued and pending Governmental Accounting Standards Board (GASB) statements.

• GASB Statement No. 99; Omnibus 2022
  
• GASB Statement No.100; Accounting Changes and Error Corrections, an amendment of GASB Statement No. 62
• GASB Statement No. 101; Compensated Absences
• GASB Statement No. 102; Certain Risk Disclosures

GASB Implementation Guide 2023- One includes several questions and answers related to key standards such as GASB 84, Leases and GASB 96, Subscription-Based Information Technology Arrangements.

• New questions and answers included in implementation guides address issues raised by the GASB’s stakeholders through inquiries posed and issues identified by the GASB in anticipation of questions that will arise during implementation of pronouncement
• The implementation guides can serve as a great tool to develop an implementation plan for pending updates