The Governmental Accounting Standards Board (GASB) recently issued Statement No. 101, Compensated Absences, to update the recognition, measurement and disclosure requirements for compensated absences in state and local governments. The statement aims to provide financial statement users with improved and comparable information regarding compensated absences by establishing a unified model for recognizing and measuring compensated absences.
Danny Martinez, Managing Director and Government & Public Sector Accounting Advisory Lead, hosted Scott Anderson, Assurance Director, and Anthony Walsh, Assurance Senior Manager, to dive into the challenges, changes and key considerations for GASB 101.
As part of our GPS podcast series, and the second in our GASB mini-series for 2024, this episode covers:
- When GASB 101 is effective
- What a compensated absence is
- Identifying all compensated absences
- Different accounting treatments within GASB 101
- GASB terms used for probability
- GASB 101 impact on governments
- Key takeaways
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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.
Related Insights:
- PODCAST: Navigating GASB 100: Accounting Changes and Error Corrections
- ARTICLE: Navigating GASB 101: Compensated Absences
- ARTICLE: Navigating GASB 100: Accounting Changes and Error Corrections
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