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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 compensated absence 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 first episode of the four-part GASB 101 podcast series, podcast host Danny Martinez, Partner, and Scott Anderson, Director, give an overview of GASB 101 and Cherry Bekaert’s first phase of implementation. The first phase focuses on understanding the pronouncement and its various components.
Tune in to learn more about:
- How a compensated absence is defined in GASB 101
- How a government new to the GASB 101 pronouncement can determine if they’re likely to have a change in liability balance
- Where governments may see a big change in their liability balance
- Why it’s important for a government’s team to have training before starting with GASB 101 implementation
- The Firm’s use of customized training when assisting a government’s implementation team
Subscribe and stay tuned for the other three phases of this mini-series. In the next episode, we will cover phase two, which delves into ensuring completeness and identifying compensated absences. Phase three involves updating policies and procedures and documenting the implementation to facilitate a smooth audit. The final phase addresses 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.
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PODCAST: Navigating GASB 101: Compensated Absences
