GASB 103 Implementation: What You Need to Know
Governments with fiscal year ends of June 30, 2026, and after will be implementing GASB Statement No. 103, Financial Reporting Model Improvements (GASB 103). In this two-part webinar series, we will cover the key changes in government financial statements under GASB 103. Most governments will be impacted by the new guidance for the Management’s Discussion and Analysis, mandatory budgetary comparisons and proprietary fund statement of revenues, expenses and changes in fund net position.  In our first session in this course, we will discuss the requirements of GASB 103, Financial Reporting Model Improvements, other than the proprietary fund financials. The webinar will cover a discussion of the requirements and implementation steps for the following changes:   Required content in the Management’s Discussion and Analysis (MD&A)   Classification of unusual or infrequent items   Presentation of major discretely presented component units   Reporting of mandatory budgetary comparisons In the second session of this course, we will discuss the requirements of GASB 103 related to proprietary fund and stand-alone business-type entity (such as public utilities) reporting. The new guidance not only changes the presentation of the proprietary fund’s statement of revenues, expenses and changes in fund net position but also how certain revenues and expenses are classified as operating or nonoperating. This webinar will cover the presentation requirements and discuss how common transactions will be classified.