Cherry Bekaert: Government & Public Sector

In the final episode of Cherry Bekaert’s three-part GASB 103, Financial Reporting Model Improvements podcast series, we discuss the changes to budgetary comparison information. Co-hosts, Danny Martinez, CFO Advisory Partner, and Scott Anderson, Audit Partner, are joined by Vicki Dallas, CFO Advisory Senior Manager, to provide insight into what the Governmental Accounting Standards Board (GASB) aimed to achieve with these changes. They also highlight the issues governments have encountered around budgetary comparison schedules for the general fund and major special revenue funds. 

Tune in to learn about:  

• GASB’s purpose behind updating the budgetary comparison schedules for the general fund and special revenue funds with a legally adopted annual budget. 
• Changes to the presentation of schedules and the notes to the required supplementary information (RSI) 
• What governments need to do with the rest of their budget outside of the general fund and major special revenue funds  
• How to determine what qualifies as a significant variance and requires additional explanation 
• How Cherry Bekaert is helping governments with this area of GASB 103 
• Key takeaways for governments regarding budgetary comparison information 

Cherry Bekaert’s CFO Advisory team provides a comprehensive GASB 103 implementation offering that helps governments improve their budgetary comparison information process and fully comply with implementation requirements. We have a dedicated team of professionals who provide accounting advisory services for governments, equipping them with the confidence that their needs will not be placed second to competing audit regulatory deadlines. 

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In the second episode of Cherry Bekaert’s three-part GASB 103, Financial Reporting Model Improvements podcast series, we discuss the changes to classification and presentation of proprietary funds. Co-hosts, Danny Martinez, CFO Advisory Partner, and Scott Anderson, Audit Partner, are joined by Alyssa Rousseau, CFO Advisory Senior Manager, to provide insight into what the Governmental Accounting Standards Board (GASB) aimed to achieve with these changes. They also highlight the key challenges and surprises governments have encountered around classification, subsidies, and financial statement presentation.

Tune in to learn about: 

• GASB’s purpose for the classification changes and presentation of proprietary funds
• Where governments could have the most challenges in applying the new guidance
• How the changes impact the presentation of the proprietary fund statement of revenues, expenses, and changes in net position 
• The new non-capital subsidies presentation and the two types of transfers
• What governments should be doing to inform interested parties about these changes
• How Cherry Bekaert’s advisory team is helping governments with this challenging area of GASB 103
• Key takeaways for governments about proprietary funds classification, presentation and GASB 103

Cherry Bekaert’s CFO Advisory team provides a comprehensive GASB 103 implementation offering that helps governments modernize their management discussion and analysis (MD&A) and fully comply with implementation requirements. We have a dedicated team of professionals who provide accounting advisory services for governments, equipping them with the confidence that their needs will not be placed second to competing audit regulatory deadlines.

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In this first episode of Cherry Bekaert’s three-part podcast series on the Governmental Accounting Standards Board (GASB) Statement No. 103, Financial Reporting Model Improvements, co-hosts Danny Martinez, CFO Advisory Partner, and Scott Anderson, Audit Partner, are joined by Michael Brotherton, CFO Advisory Senior Manager.

Together, they discuss what is changing and what is being emphasized in the management’s discussion and analysis (MD&A). Insights include GASB’s reasoning behind these proposed changes and the surprises we’ve seen in early implementations.

Tune in to learn about: 

• GASB’s purpose for the MD&A changes
• A detailed look at the new five-section criteria of the MD&A
• How governments are using GASB 103 implementation as a reason to refresh both the MD&A and annual comprehensive financial report (ACFR) 
• How Cherry Bekaert is using AI to help governments comply with new MD&A requirements
• Examples GASB gives to help increase the quality of current known facts, decisions or conditions section
• One takeaway governments should know related to the MD&A and GASB 103

Our CFO Advisory team provides a comprehensive GASB 103 implementation offering that helps governments modernize their MD&A and fully comply with implementation requirements. 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 put second to competing audit regulatory deadlines.

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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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In this episode of Cherry Bekaert’s Government & Public Sector podcast, Danny Martinez, CFO Advisory Partner, and Scott Anderson, Audit Director, discuss updates to Governmental Accounting Standards Board (GASB) 102 & 103. Whether you're a seasoned accounting professional or just trying to keep up with the latest in governmental accounting, this episode will help you understand what these standards mean, why they matter and how they could impact your reporting processes.

Tune in to learn about: 

• Disclosure criteria for GASB 102 
• Guidance on constraints and concentrations that cause risks that impact a government’s ability to provide services 
• How governments can use Cherry Bekaert’s GASB checklist to determine if there is a need to disclose
• Understanding the components of GASB 103, and what was left out
• How GASB 103 aims to enhance the effectiveness of the financial reporting model in five key areas 
• Changes that are happening within proprietary fund statements

 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 experienced professionals who provide accounting advisory services for governments, equipping them with the confidence that their needs will not come second to competing audit regulatory deadlines.

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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.

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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 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

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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 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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