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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.

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.