Navigating GASB 102: Certain Risk Disclosures

The Governmental Accounting Standards Board (GASB) recently issued Statement No. 102, which adds new disclosure requirements for governments. Numerous risks loom over state and local governments, which could impair their service delivery or hinder their capacity to fulfill obligations in a timely manner. While certain risks demand disclosure, many others that commonly plague these governments have not been disclosed because they were not explicitly required. To address this gap, Statement No. 102 was issued with the intention to provide stakeholders of government financial statements with indispensable details concerning risks that stem from limitations or concentrations, exposing governments to vulnerabilities.

Podcast host, Danny Martinez, Managing Director and Government & Public Sector Accounting Advisory Lead, is joined by Scott Anderson, Director, to dive into the challenges, changes and key considerations for GASB 102.

As part of our GPS podcast series, and the third in our GASB mini-series for 2024, this episode covers:

  • The GASB 102 basics
  • When GASB 102 is effective
  • Background on why GASB took on the project
  • Why it took more than three years from agenda to issuance
  • If the GASB board members able to all get on the same page
  • Risks that should be considered when adopting this guidance
  • Impact GASB 102 will have on governments
  • Key takeaways

Do You Need Assistance with GASB 102?

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.

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Danny Martinez

Government & Public Sector Accounting Advisory Leader

Managing Director, Cherry Bekaert Advisory LLC

Scott Anderson

Assurance Services

Director, Cherry Bekaert LLP
Director, Cherry Bekaert Advisory LLC

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