GASB 103 & 104: Ready, Set, Implement

Overview

This event is offered in collaboration with the Minnesota Society of CPAs.

GASB Statements No. 103 and 104 are here and implementation requires more than updating a checklist. Dive into the financial reporting model changes in GASB 103 and the capital asset disclosure requirements in GASB 104. Explore the revised MD&A framework, proprietary fund operating and nonoperating classifications, unusual or infrequent items, budgetary comparisons, major component unit presentation and new capital asset note disclosures. Explore real-world examples and implementation tips government finance professionals need to prepare financial statements for a smoother year-end reporting process.

Highlights

• GASB 103 effective date, scope and transition considerations.
• Revised MD&A structure and analysis expectations.
• Proprietary fund operating and nonoperating classifications and presentation.
• Unusual or infrequent items, budgetary comparisons and major component units.
• GASB 104 capital asset disclosure requirements, including lease, PPP, SBITA, intangible and held-for-sale assets.
• Practical implementation steps, documentation, examples and common challenges.

Prerequisites

A basic understanding of governmental accounting and financial reporting, including familiarity with GASB standards and the preparation or review of governmental financial statements.

Designed For

Government finance officers, controllers, accounting managers, financial statement preparers, auditors and other professionals responsible for governmental financial reporting or implementing new GASB standards.

Objectives

• Identify the key requirements and effective dates of GASB Statements No. 103 and 104.
• Evaluate how GASB 103 changes MD&A, proprietary fund reporting and other financial statement presentations.
• Determine which capital asset classes and held-for-sale assets require separate disclosure under GASB 104.
• Develop a practical implementation plan for updating financial statements, disclosures, processes and supporting documentation.

Preparation

None