Sikich experts Matthew Geerdes, CPA, MBA, and Anthony Cervini, CPA, CFE, guide viewers through key financial reporting challenges and updates in this insightful YellowBook webinar session. They cover common accounting and financial reporting deficiencies, offering practical recommendations for remediation. This session will highlight the following key takeaways:
- GASB 100 discusses how to classify and report various accounting changes and error corrections. The guidance includes when to use the “ghost column” presentation for funds that meet the definition of major per Statement 34, or are no longer considered major under that same guidance, which can be a common error.
- GASB 101’s guidance on compensated absences lends to several common errors, including inaccurate assumptions for settlement via usage, missing salary-related payments, and missing disclosure elements.
- Net Investment in Capital Asset calculations required by GASB Statement 34 can have errors due to missing or misclassified amounts like deferred refunding and retainage payable.
- Budget vs. Actual Presentations must show sufficient detail to demonstrate legal compliance and avoid misclassification in non-GAAP reporting.
Watch the full recording to stay informed and prepared for evolving financial reporting standards.
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