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Tag Archives: compensated absences
Understanding the Latest GASB Audit Updates: What You Need to Know About Statement 101
Why the Change? The goal of GASB 101 is to standardize and clarify the accounting treatment of compensated absences, ensuring consistent recognition of leave-related liabilities across governmental entities. These changes are meant to enhance transparency and comparability in financial reporting. … read more
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Tagged accounting, Brittney Williams, compensated absences, employee leave, financial statements, GASB, GASB 101, government
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More Liabilities, Please! Changes to Reporting Compensated Absences under GASB 101
In June 2022, the Governmental Accounting Standards Board (GASB) issued a new standard to update the guidance for reporting on Compensated Absences. GASB 101, Compensated Absences replaces the old standard GASB 16, which was issued over 30 years previously. GASB … read more
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Tagged Brittney Williams, compensated absences, financial report, GASB, governmental accounting, liabilities
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Common Areas that Cause Hang-Ups in Audits and How to Avoid Them
Imagine it is June, your fiscal year is ending and the upcoming audit is peaking its head around the corner. It happens every year, yet it feels like you can never be prepared enough. The key to being prepared is … read more
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Tagged Arizona, Ashley Avena, audit preparation, capital assets, compensated absences, information technolog, procurement, school district, USFR
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GASB 101 – Compensated Absences
I’m sure if you have been to one of HeinfeldMeech’s recent trainings you may have heard that the Governmental Accounting Standards Board (GASB) just crossed 100 issued Statements. While GASB Statement 101 won’t have quite the same financial impact that … read more
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Tagged compensated absences, employee leave, financial statements, GASB, government, Michael Lauzon, school district, unvested leave, vested leave
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The Four C’s of Auditing
I know it feels like we just got out of 2020, one of the most unpredictable years most of us have experienced, but can you believe we are already almost six months into 2021? That means your next audit is … read more
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Tagged audit, audit preparation, capital assets, cash, compensated absences, cutoff, government, NPO, Virlene Cloyd
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