In the final episode of Cherry Bekaert’s three-part GASB 103, Financial Reporting Model Improvements podcast series, we discuss the changes to budgetary comparison information. Co-hosts, Danny Martinez, CFO Advisory Partner, and Scott Anderson, Audit Partner, are joined by Vicki Dallas, CFO Advisory Senior Manager, to provide insight into what the Governmental Accounting Standards Board (GASB) aimed to achieve with these changes. They also highlight the issues governments have encountered around budgetary comparison schedules for the general fund and major special revenue funds.
Tune in to learn about:
- GASB’s purpose behind updating the budgetary comparison schedules for the general fund and special revenue funds with a legally adopted annual budget.
- Changes to the presentation of schedules and the notes to the required supplementary information (RSI)
- What governments need to do with the rest of their budget outside of the general fund and major special revenue funds
- How to determine what qualifies as a significant variance and requires additional explanation
- How Cherry Bekaert is helping governments with this area of GASB 103
- Key takeaways for governments regarding budgetary comparison information
Cherry Bekaert’s CFO Advisory team provides a comprehensive GASB 103 implementation offering that helps governments improve their budgetary comparison information process and fully comply with implementation requirements. We have a dedicated team of professionals who provide 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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