GASB 103 introduces several changes to governmental financial reporting. Finance teams must determine which requirements apply, identify what needs to change and track implementation while preparing for the Annual Comprehensive Financial Report (ACFR).
To make the process easier, LSL created a complimentary GASB 103 Implementation Tool for government finance teams.
What Should Your Government Review?
Depending on your government, GASB 103 may affect areas such as:
- Management’s Discussion and Analysis (MD&A)
- Proprietary fund reporting and subsidies
- Unusual or infrequent items
- Budgetary comparison information
- Major component unit information
- Statistical section reporting
Reviewing these areas early can help your team identify required changes, assign responsibilities and address questions before ACFR preparation is underway.
How the Tool Can Help
This interactive Excel-based resource walks you through the key requirements of GASB 103 step by step. Using simple dropdowns and a built-in dashboard, your team can:
- Determine which requirements apply
- Track what has already been addressed
- Identify areas that still need attention
- Monitor implementation progress in one place
- Create a clearer path toward ACFR preparation
Developed with the experience of LSL’s Government Assurance professionals, this complimentary resource can help your team take a more organized approach to GASB 103 implementation.
Download the Complimentary GASB 103 Implementation Tool
Have questions about how GASB 103 may affect your financial statements? Contact us today!
