GASB Statement 100 Insights and Implications YouTube

Feb 3, 2025

Just a Tad - Episode on GASB Statement 100

Host: Susanna Filipovic

Key Topics Covered

  • Nuances of GASB Statement 100
  • Accounting changes and error corrections
  • "Ghost columns" concept

Objectives

  • Refresher on GASB 100
    • Focus on changes to and within the financial reporting entity
  • Example impacts on fund financial statements
  • Discussion on note disclosure requirements and implications in combining schedules

Background on GASB 100

  • Approved June 2022
  • Effective dates for governments:
    • June 30, 2024
    • September 30, 2024
    • December 31, 2024
    • March 31, 2025
  • Aim: Reduce confusion and increase consistency for reporting accounting changes and error corrections

Changes to and within Financial Reporting Entity

  • Not new but now explicitly defined
  • Clear guidance on:
    • Recognition and display requirements
    • Face of financial statements
    • Note disclosures
    • Required supplementary and supplementary information

Ghost Column Concept

  • Specific to changes in the financial reporting entity

Definitions and Examples

  • Changes to the Financial Reporting Entity:

    • Encompass component unit transactions
    • Changes in financial accountability
    • Component unit classification
    • Reclassification between blended and discreetly presented unit presentation

  • Changes within the Financial Reporting Entity:

    • More common
    • Include fund classifications
    • Movement of continuing operations
    • Changes between major and non-major classifications

GASB Guidance (Paragraph 22)

  • Report changes by adjusting current period's beginning net position
  • Display beginning position balance separately from adjustments

Example: Governmental Funds Statement

  • Change from non-major to major fund
  • Impact shown in red text in the example
  • Disaggregated display not necessary; can aggregate changes
  • Adjustment displayed for transparency

Ghost Column in Practice

  • Used for fund moving from major to non-major
  • Shows no activity but necessary for accurate reporting
  • No "ghost funds" on balance sheet

Note Disclosure Requirements

  • Tabular format for reconciliation required
  • Must reconcile beginning position balances

Consistency in Reporting

  • Required in management's discussion and analysis
  • Consistency in supplementary and basic financial statements

Conclusion

  • Importance of explicit guidance in GASB 100
  • Use of ghost columns for transparent reporting

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