GASB Releases Statement 101 on Compensated Absences
In an effort to bring all types of compensated absences under a unified model, the Governmental Accounting Standards Board recently issued Statement No. 101, Compensated Absences. The new guidance will lead to recognition of a liability in more circumstances, most notably for nonvested sick leave.
ED to Release New HEERF Quarterly Reporting Form
The form will be released this week and is required for quarterly reports due in July. In a major change, the new form will combine reporting for HEERF student aid and institutional aid awards.
GASB Releases Concepts Statement on Disclosures
GASB’s latest guidance addresses notes disclosures to financial statements. Concepts Statements guide the board when formulating GAAP.