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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