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GASB issues two new statements

On June 13, the GASB issued GASB Statement No. 100, Accounting Changes and Error Corrections. The standard provides accounting and financial reporting guidance for changes in accounting principle, changes in accounting estimates, changes to or within the reporting entity, and corrections of errors in previously issued financial statements. GASB 100 is effective for fiscal years beginning after June 15, 2023 and all reporting periods thereafter.

Later in the week, the GASB issued GASB Statement No.101, Compensated Absences. The standard provides a consistent model for recording liabilities for compensated absences, with certain exceptions for leave that is dependent on the occurrence of a sporadic event. GASB 101 also amends disclosure requirements related to compensated absences. The new guidance is effective for fiscal years beginning after December 15, 2023 and all reporting periods thereafter.
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