Big changes are on the horizon for governmental financial reporting. Are you ready? Watch this informative session on GASB 103 and the approved Financial Reporting Model Improvements. Our public sector specialists break down what these changes mean, how they affect your municipality or school district and how you can adapt effectively. Whether your goal is compliance, efficiency, or proactive leadership, this session is your opportunity to stay ahead of the curve with clear, actionable insights.
Here are some key takeaways:
- Main Focus Areas of GASB 103 – The standard refines reporting across MD&A, unusual and infrequent items, proprietary fund statements, major component units and budgetary comparisons with the first required implementation for FY 2026.
- Elimination of Extraordinary and Special Items – GASB 103 replaces these categories with “unusual and infrequent items” which must be disclosed separately along with clear explanations of their impact.
- Enhanced MD&A Requirements – Management’s Discussion & Analysis now calls for deeper year-over-year analysis, plain-language explanations of financial changes and clarifies requirements for discussion of capital assets, financing activities and known future conditions.
- Presentation Changes & Compliance Expectations – Proprietary fund reporting introduces a new “non-capital subsidies” category, liability totals must reconcile to footnotes and governments pursuing GFOA/ASBO recognition should prepare early to meet the revised standards.
- Straightforward Implementation – While GASB 103 introduces meaningful improvements it is not a complete overhaul, making the transition smoother than past standards like GASB 34.
Host and Presenters:
Scott Clelland, CPA, RMA, LPSA, Partner
Katherine Patnaude, CPA, MSA, Partner