Part two of Cherry Bekaert’s Government & Public Sector Governmental Accounting Standards Board (GASB) Update podcast covers GASB 104, Disclosure of Certain Capital Assets, updates to the 2025 Implementation Guide and current projects at GASB.

Danny Martinez, CFO Advisory Partner, and Scott Anderson, Audit Director, break down what the latest updates mean, why they matter and how they could shape your reporting practices. Whether you're a seasoned accounting professional or simply trying to stay current with governmental standards, this episode provides valuable insights, including:

• An overview of GASB Statement No. 104
• Criteria for identifying capital assets held for sale
• Disclosure requirements for sold assets
• Guidance on implementing GASB 104
• Key updates from the 2025 Implementation Guide
• Projects GASB is working on:
  • Subsequent events
  • Revenue and expense recognition
  • Going concern uncertainties and severe financial stress
  • Infrastructure assets
• What high-performing governments can do to stay ahead and prepare for successful implementation

Cherry Bekaert’s CFO Advisory team provides a comprehensive GASB-as-a-service offering that helps governments overcome staffing and technical challenges. Cherry Bekaert has a dedicated team of professionals who specialize in providing accounting advisory services for governments, equipping them with the confidence that their needs will not be placed second to competing audit regulatory deadlines.

Related Guidance
GASB Update Part 1: What You Need to Know about GASB 102 & 103

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Grants professionals must navigate every phase of the grant lifecycle, from pre-award planning to final closeout. One particularly stressful aspect of grants management is preparing for the single audit and addressing the associated challenges. For success in this phase, grant professionals and accounting staff must seek to comprehend the auditor's role and the expectations involved.

In part one of this two-part episode series, we explore effective strategies for audit preparation with Kat Kizior, Grant Management Solutions Manager, and co-host Paula Heller, Grants Management Solutions Lead, as they are joined by special guest Auditing Manager Zach LeMorta.

This episode of Cherry Bekaert’s GPS Grants Management podcast series offers valuable insights to help organizations grasp the fundamentals of a single audit. Topics covered include:

• The difference between a single audit and a financial audit
• Steps for preparation for a single audit
• Processes to implement to minimize findings
• The most common findings during a single audit
• Best practice for a successful corrective action plan

Cherry Bekaert’s Grant Lifecycle Management team offers comprehensive grant management services to enhance internal controls and staff success, helping your organization seize every opportunity. For tailored advice specific to your business needs, Cherry Bekaert’s Government & Public Sector team is ready to assist.

Related Guidance

PODCAST: Understanding Subrecipients: The Who, What, and Why

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The Governmental Accounting Standards Board (GASB) Statement No. 101, Compensated Absences, helps align the recognition and measurement guidance under a unified model and amends certain previously required disclosures. The statement refreshes the GASB’s compensated absence guidance from the 90s to reflect changes to compensated absences offered since the guidance was introduced.

Cherry Bekaert’s team has outlined a four-phase approach to help your government implement GASB 101. In the final episode of the four-part GASB 101 podcast series, podcast host Danny Martinez, Partner, and Scott Anderson, Director, discuss journal entries, disclosures and go-forward training to ensure continued compliance and effective application.

Tune in to learn more about:

• If a government needs to restate financial statements and if so, what that looks like
• Implementation for governments that have comparative financial statements
• Options when building GASB 101 compliant journal entries
• What could make a government’s entries more complex
• What governments need for their note disclosures
• How preparing go-forward training at the end of implementation will set you up for success in future years

Do You Need Assistance with GASB 101?

Cherry Bekaert’s Government and Public Sector Accounting Advisory team provides a comprehensive GASB-as-a-service offering that helps governments overcome staffing and technical challenges. Cherry Bekaert has a dedicated team of professionals who specialize in providing accounting advisory services for governments, equipping them with the confidence that their needs will not be placed second to competing audit regulatory deadlines.

Related Insights:

• PODCAST: Part 1 – Defining GASB 101 and the First Phase of Implementation
• PODCAST: Part 2 – Completeness of Compensated Absences
• PODCAST: Part 3 – Evaluation of the Current State of Policies & Procedures
• PODCAST: Navigating GASB 101: Compensated Absences
• ARTICLE: Navigating GASB 101: Compensated Absences Update

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Subrecipients play a crucial role in executing grant projects, but determining whether to contract with a vendor or issue a subaward to a subrecipient can be challenging. Given the complexities of subrecipient monitoring and the high compliance demands, it may not always make sense for an organization to opt for a subaward. As such, it's essential for organizations to make informed decisions to ensure the successful execution and completion of grant projects.

Join Kat Kizior, Grant Management Solutions Manager, and co-host Paula Heller, Grants Management Solutions Lead, as they delve into the nuances of subrecipients and grant projects.

This episode of Cherry Bekaert’s GPS Grants Management podcast series provides valuable insights to help organizations make the most informed decisions regarding their funding. Topics covered include:

• Definitions of subrecipient and contractor
• How to use "best judgment" in choosing between the two
• Consequences of selecting the wrong relationship
• The importance of subrecipient monitoring
• Steps to establishing an effective subrecipient relationship

Cherry Bekaert’s Grant Lifecycle Management team offers comprehensive grant management services to enhance internal controls and staff success, helping your organization seize every opportunity. For tailored advice specific to your business needs, our Government & Public Sector team is ready to assist.

View All Podcasts in this Series

The Governmental Accounting Standards Board (GASB) Statement No. 101, Compensated Absences, helps align the recognition and measurement guidance under a unified model and amends certain previously required disclosures. The statement refreshes GASB’s guidance from the 90s based on the changes to compensated absences offered since the guidance was introduced.

Cherry Bekaert’s team has outlined a four-phase approach to help your government implement GASB 101. In the third episode of the four-part GASB 101 podcast series, podcast host Danny Martinez, Partner, and Bailee Steinle, Senior Associate, discuss evaluating the current state of policies and procedures, what may be missing, and how to update the policies. They also touch on the importance of gathering everything from the first three phases into a comprehensive implementation memo.

Tune in to learn more about:

• The importance of assessing current state processes and controls
• The impact of reviewing processes and controls during implementation of a new pronouncement
• Findings from assessing clients’ policies and procedures
• Policies and procedures that a government could be missing
• How Cherry Bekaert can help with policy additions
• An example of one proposed recommendation that was added to the policy
• The importance of nailing down the process, control, and policy and procedure items before working on journal entries and disclosures
• An explanation of implementation memos and why they are helpful and required on all implementation engagements

Subscribe and stay tuned for the final phase of this mini-series. In the next episode, we will cover phase four, including journal entries, disclosures, and ongoing training to ensure continued compliance and effective application.

Do You Need Assistance with GASB 101?

Cherry Bekaert’s Government and Public Sector Accounting Advisory team provides a comprehensive GASB-as-a-service offering that helps governments overcome staffing and technical challenges. Cherry Bekaert has a dedicated team of professionals who solely provide governmental accounting advisory services for governments, equipping them with the confidence that their needs will not be placed second to competing audit regulatory deadlines.

Related Insights:

• REGISTER: Seven Must-Knows for a Successful GASB 101 Implementation
• PODCAST: GASB 101 Podcast Series – Part One: Defining GASB 101 and the First Phase of Implementation
• PODCAST: GASB 101 Podcast Series – Part Two: Completeness of Compensated Absences
• PODCAST: Navigating GASB 101: Compensated Absences
• ARTICLE: Navigating GASB 101: Compensated Absences Update

View All Podcasts in this Series

The Governmental Accounting Standards Board (GASB) Statement No. 101, Compensated Absences, helps align the recognition and measurement guidance under a unified model and amends certain previously required disclosures. The statement refreshes GASB’s compensated absence guidance from the 90s based on the changes to compensated absences offered since the guidance was introduced.

Cherry Bekaert’s team has outlined a four-phase approach to help your government implement GASB 101. In the second episode of the four-part GASB 101 podcast series, podcast host Danny Martinez, Partner, and Tatiana Britton, Advisory Associate, discuss Cherry Bekaert’s second phase of implementation which focuses on completeness of compensated absence liabilities.

Tune in to learn more about:

• Tips for identifying your government’s compensated absences
• Different or unique types of compensated absences
• Ways a government can identify the completeness of their population
• What a government should looking for in policies, payroll register and trial balance
• Why it’s important to meet with human resources and payroll during discovery
• What questions governments should ask their human resources and payroll departments during discovery
• Cherry Bekaert’s GASB 101 template and how it’s helping clients with implementation

Subscribe and stay tuned for the other two phases of this mini-series. In the next episode, we will cover phase three, which delves into ensuring completeness and identifying compensated absences.

Phase three involves updating policies and procedures and documenting the implementation to facilitate a smooth audit. The final phase addresses journal entries, disclosures and ongoing training to ensure continued compliance and effective application.

Do You Need Assistance with GASB 101?

Cherry Bekaert’s Government and Public Sector Accounting Advisory team provides a comprehensive GASB-as-a-service offering that helps governments overcome staffing and technical challenges. Cherry Bekaert has a dedicated team of professionals who solely provide governmental accounting advisory services for governments, equipping them with the confidence that their needs will not be placed second to competing audit regulatory deadlines.

Related Insights:

PODCAST: GASB 101 Podcast Series – Part 1: Defining GASB 101 and the First Phase of Implementation

PODCAST: Navigating GASB 101: Compensated Absences

ARTICLE: Navigating GASB 101: Compensated Absences Update

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In this episode of Cherry Bekaert’s Government & Public Sector podcast, host Kat Kizior, Cherry Bekaert’s Grants Management Solutions Lead, and GovNavigators’ CEO Robert Shea, walk through the sequence of events following the Office of Management and Budget's (OMB) memo issued Monday, January 27, 2025.

The memo instructed all agencies to temporarily halt "all activities related to the obligation or disbursement of all Federal financial assistance." The OMB then released a Q&A on the following Tuesday, clarifying that the initial memo was meant to affect a specific set of programs identified by certain executive orders. By Wednesday, January 29, 2025, the OMB completely rescinded the original memo.

However, because the White House press secretary indicated the pause was still ongoing, a judge issued a temporary restraining order to halt it. For a detailed look at the scrutinized programs, with embedded links to relevant documents, view this spreadsheet sourced from the federal program inventory.

This episode explores:

• The developments following the announcement of the federal assistance funding pause
• The potential impact of new executive orders on current and future funding
• Insights into the executive office’s authority to terminate grants and the rights of organizations reliant on federal funding
• What organizations receiving federal funding can anticipate next
• Essential activities your organization should undertake in the short and long term to mitigate the risk of federal fund termination

Cherry Bekaert’s Grant Lifecycle Management team manages grants end-to-end, bridging the service gap to improve internal controls and staff success to help your organization maximize every opportunity. If you have any questions specific to your business needs, Cherry Bekaert’s Government & Public Sector team is available to discuss your situation.

View All Podcasts in this Series

The Governmental Accounting Standards Board (GASB) Statement No. 101, Compensated Absences helps align the recognition and measurement guidance under a unified model and amends certain previously required disclosures. The statement refreshes GASB’s compensated absence guidance from the 90s based on the changes to compensated absences offered since the guidance was introduced.

Cherry Bekaert’s team has outlined a four-phase approach to help your government implement GASB 101. In the first episode of the four-part GASB 101 podcast series, podcast host Danny Martinez, Partner, and Scott Anderson, Director, give an overview of GASB 101 and Cherry Bekaert’s first phase of implementation. The first phase focuses on understanding the pronouncement and its various components.

Tune in to learn more about:

• How a compensated absence is defined in GASB 101
• How a government new to the GASB 101 pronouncement can determine if they’re likely to have a change in liability balance
• Where governments may see a big change in their liability balance
• Why it’s important for a government’s team to have training before starting with GASB 101 implementation
• The Firm’s use of customized training when assisting a government’s implementation team

Subscribe and stay tuned for the other three phases of this mini-series. In the next episode, we will cover phase two, which delves into ensuring completeness and identifying compensated absences. Phase three involves updating policies and procedures and documenting the implementation to facilitate a smooth audit. The final phase addresses journal entries, disclosures, and ongoing training to ensure continued compliance and effective application.

Do You Need Assistance with GASB 101?

Cherry Bekaert’s Government and Public Sector Accounting Advisory team provides a comprehensive GASB-as-a-service offering that helps governments overcome staffing and technical challenges. Cherry Bekaert has a dedicated team of professionals who solely provide governmental accounting advisory services for governments, equipping them with the confidence that their needs will not be placed second to competing audit regulatory deadlines.

Related Insights:

PODCAST: Navigating GASB 101: Compensated Absences

ARTICLE: Navigating GASB 101: Compensated Absences Update

View All Podcasts in this Series