We reviewed the latest updates for new and pending Governmental Accounting Standards Board (GASB) standards, including a detailed discussion on evaluating the impact of the implementation of GASB Statement No. 101, Compensated Absences (different approaches to measure the various types of compensated absences) and updated disclosure requirements. The session will cover determining if your organization is subject to risks and vulnerabilities common among state and local governments that are required to be disclosed under GASB Statement No. 102, Certain Risk Disclosures.
We also assessed the new or modified accounting and financial reporting requirements under GASB Statement No. 103, Financial Reporting Model Improvements, which affect management’s discussion and analysis (MD&A), presentation of proprietary fund financial statements, unusual and infrequent items, and budgetary comparison information.
Lastly, we provided an overview of the disclosure requirements for certain types of capital assets under GASB Statement No. 104, Disclosure of Certain Capital Assets.
Key takeaways:
- Key provisions of issued and pending accounting standards
- The pending pronouncements that may have a significant impact on your organization
- An implementation plan for the pending accounting standards
