In the second episode of Cherry Bekaert’s three-part GASB 103, Financial Reporting Model Improvements podcast series, we discuss the changes to classification and presentation of proprietary funds. Co-hosts, Danny Martinez, CFO Advisory Partner, and Scott Anderson, Audit Partner, are joined by Alyssa Rousseau, 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 key challenges and surprises governments have encountered around classification, subsidies, and financial statement presentation.
Tune in to learn about:
- GASB’s purpose for the classification changes and presentation of proprietary funds
- Where governments could have the most challenges in applying the new guidance
- How the changes impact the presentation of the proprietary fund statement of revenues, expenses, and changes in net position
- The new non-capital subsidies presentation and the two types of transfers
- What governments should be doing to inform interested parties about these changes
- How Cherry Bekaert’s advisory team is helping governments with this challenging area of GASB 103
- Key takeaways for governments about proprietary funds classification, presentation and GASB 103
Cherry Bekaert’s CFO Advisory team provides a comprehensive GASB 103 implementation offering that helps governments modernize their management discussion and analysis (MD&A) 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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