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 the GASB’s compensated absence guidance from the 90s to reflect 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 final episode of the four-part GASB 101 podcast series, podcast host Danny Martinez, Partner, and Scott Anderson, Director, discuss journal entries, disclosures and go-forward training to ensure continued compliance and effective application.
Tune in to learn more about:
- If a government needs to restate financial statements and if so, what that looks like
- Implementation for governments that have comparative financial statements
- Options when building GASB 101 compliant journal entries
- What could make a government’s entries more complex
- What governments need for their note disclosures
- How preparing go-forward training at the end of implementation will set you up for success in future years
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 specialize in providing accounting advisory services for governments, equipping them with the confidence that their needs will not be placed second to competing audit regulatory deadlines.
Related Insights:
- Podcast: Part 1 – Defining GASB 101 and the First Phase of Implementation
- Podcast: Part 2 – Completeness of Compensated Absences
- Podcast: Part 3 – Evaluation of the Current State of Policies & Procedures
- Podcast: Navigating GASB 101: Compensated Absences
- Article: Navigating GASB 101: Compensated Absences Update
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