The Governmental Accounting Standards Board (GASB) Statement No. 101, Compensated Absences, helps align the recognition and measurement guidance under a unified model and amends certain previously required disclosures. The statement refreshes GASB’s guidance from the 90s based on the changes to compensated absences offered since the guidance was introduced.
Cherry Bekaert’s team has outlined a four-phase approach to help your government implement GASB 101. In the third episode of the four-part GASB 101 podcast series, podcast host Danny Martinez, Partner, and Bailee Steinle, Senior Associate, discuss evaluating the current state of policies and procedures, what may be missing, and how to update the policies. They also touch on the importance of gathering everything from the first three phases into a comprehensive implementation memo.
Tune in to learn more about:
- The importance of assessing current state processes and controls
- The impact of reviewing processes and controls during implementation of a new pronouncement
- Findings from assessing clients’ policies and procedures
- Policies and procedures that a government could be missing
- How Cherry Bekaert can help with policy additions
- An example of one proposed recommendation that was added to the policy
- The importance of nailing down the process, control, and policy and procedure items before working on journal entries and disclosures
- An explanation of implementation memos and why they are helpful and required on all implementation engagements
Subscribe and stay tuned for the final phase of this mini-series. In the next episode, we will cover phase four, including journal entries, disclosures, and ongoing training to ensure continued compliance and effective application.
Do You Need Assistance with GASB 101?
Cherry Bekaert’s Government and Public Sector Accounting Advisory team provides a comprehensive GASB-as-a-service offering that helps governments overcome staffing and technical challenges. Cherry Bekaert has a dedicated team of professionals who solely provide governmental accounting advisory services for governments, equipping them with the confidence that their needs will not be placed second to competing audit regulatory deadlines.
More from this Series:
- Podcast: GASB 101 Podcast Series – Part One: Defining GASB 101 and the First Phase of Implementation
- Podcast: GASB 101 Podcast Series – Part Two: Completeness of Compensated Absences
Related Insights:
- Register: Seven Must-Knows for a Successful GASB 101 Implementation
- Podcast: Navigating GASB 101: Compensated Absences
- Article: Navigating GASB 101: Compensated Absences Update
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