GASB 101 Implementation: Phase One Overview
02/03/25 • 16 min
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.
Related Insights:
PODCAST: Navigating GASB 101: Compensated Absences
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.
Related Insights:
PODCAST: Navigating GASB 101: Compensated Absences
Previous Episode
American Rescue Plan Act: Compliance Insights
The American Rescue Plan Act (ARPA) of 2021 was signed into law by President Joe Biden on March 11, 2021. ARPA is a $1.9 trillion economic stimulus package. The State and Local Fiscal Recovery Funds (SLFRF) is a significant component of the ARPA. The SLFRF allocates $350 billion to state, local, territorial, and tribal governments. The purpose of these funds is to provide governments with the resources needed to respond to the pandemic, replace lost revenue, and support economic recovery.
Grant Management Solutions Lead and Advisory Manager Kat Kizior and co-host and Grants Management Senior Associate Paula Heller join forces to address the upcoming ARPA SLFRF obligation deadline on December 31, 2024. Kat and Paula focus on what can and cannot be done at the last minute to obligate funds that are compliant with ARPA’s Final Rule and Obligation Interim Final Rule (IFR). As part of Cherry Bekaert’s GPS Grants Management podcast series, this episode covers:
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Cherry Bekaert’s Grant Lifecycle Management team manages grants end-to-end, bridging the service gap to improve internal controls and staff success to help your organization maximize every opportunity. If you have any questions specific to your business needs, Cherry Bekaert’s Government & Public Sector team is available to discuss your situation with you.
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OMB Federal Funding Freeze: Insights & Strategies
In this episode of Cherry Bekaert’s Government & Public Sector podcast, host Kat Kizior, Cherry Bekaert’s Grants Management Solutions Lead, and GovNavigators’ CEO Robert Shea, walk through the sequence of events following the Office of Management and Budget's (OMB) memo issued Monday, January 27, 2025.
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Cherry Bekaert’s Grant Lifecycle Management team manages grants end-to-end, bridging the service gap to improve internal controls and staff success to help your organization maximize every opportunity. If you have any questions specific to your business needs, Cherry Bekaert’s Government & Public Sector team is available to discuss your situation.
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