NACUBO Recommends Improvements to HEERF Quarterly Reporting
NACUBO asked the Department of Education not to separate institutional and student HEERF funding sources when reporting emergency student aid information and to only associate lost revenue funds received with current or planned use, among other recommendations.
GASB Releases Statement 100 on Accounting Changes and Error Corrections
The new standard defines four categories of accounting changes and error corrections and related accounting and financial reporting requirements and is effective in FY24 (with earlier application encouraged).
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.