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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Subrecipients play a crucial role in executing grant projects, but determining whether to contract with a vendor or issue a subaward to a subrecipient can be challenging. Given the complexities of subrecipient monitoring and the high compliance demands, it may not always make sense for an organization to opt for a subaward. As such, it's essential for organizations to make informed decisions to ensure the successful execution and completion of grant projects.

Join Kat Kizior, Grant Management Solutions Manager, and co-host Paula Heller, Grants Management Solutions Lead, as they delve into the nuances of subrecipients and grant projects.

This episode of Cherry Bekaert’s GPS Grants Management podcast series provides valuable insights to help organizations make the most informed decisions regarding their funding. Topics covered include:

• Definitions of subrecipient and contractor
• How to use "best judgment" in choosing between the two
• Consequences of selecting the wrong relationship
• The importance of subrecipient monitoring
• Steps to establishing an effective subrecipient relationship

Cherry Bekaert’s Grant Lifecycle Management team offers comprehensive grant management services to enhance internal controls and staff success, helping your organization seize every opportunity. For tailored advice specific to your business needs, our Government & Public Sector team is ready to assist.

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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 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 third episode of the four-part GASB 101 podcast series, podcast host Danny Martinez, Partner, and Bailee Steinle, Senior Associate, discuss evaluating the current state of policies and procedures, what may be missing, and how to update the policies. They also touch on the importance of gathering everything from the first three phases into a comprehensive implementation memo.

Tune in to learn more about:

• The importance of assessing current state processes and controls
• The impact of reviewing processes and controls during implementation of a new pronouncement
• Findings from assessing clients’ policies and procedures
• Policies and procedures that a government could be missing
• How Cherry Bekaert can help with policy additions
• An example of one proposed recommendation that was added to the policy
• The importance of nailing down the process, control, and policy and procedure items before working on journal entries and disclosures
• An explanation of implementation memos and why they are helpful and required on all implementation engagements

Subscribe and stay tuned for the final phase of this mini-series. In the next episode, we will cover phase four, including 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:

• REGISTER: Seven Must-Knows for a Successful GASB 101 Implementation
• PODCAST: GASB 101 Podcast Series – Part One: Defining GASB 101 and the First Phase of Implementation
• PODCAST: GASB 101 Podcast Series – Part Two: Completeness of Compensated Absences
• PODCAST: Navigating GASB 101: Compensated Absences
• ARTICLE: Navigating GASB 101: Compensated Absences Update

View All Podcasts in this Series