Manageable Climb: Preparing for GASB 103
After ten years in development, GASB issued statement 103, Financial Reporting Model Improvements, in June 2024. This session will explore the changes to the Management's Discussion and Analysis, the reporting of the budgetary comparison schedules, and the presentation of discretely presented component units.
Changes to the proprietary fund activity statement, including the new definition and reporting of subsidies, will be a key point of focus. The session will highlight report examples from the newest Illustrative ACFR.
Learning Objectives
Evaluate the impact of the new requirements on the contents of the Management's Discussion and Analysis
Discuss the new definition of a subsidy and the presentation of subsidies in proprietary fund financial statements
Describe GFOA's illustrative ACFR resource and the GASB requirements that are reflected in the most recent edition