Acton-Boxborough Regional School District Notes to Basic Financial Statements Year Ended June 30, 2024
Reporting Units Affected by Adjustments to Beginning Balances
Funds
Nonmajor
Federal and State Grants
Community Education
Governmental
Funds
June 30, 2023, as previously reported……………$ 2,504,153 $
276,219$ 4,718,596
Change from major fund to nonmajor fund…
(2,504,153)
(276,219)
2,780,372
June 30, 2023, as adjusted………………………$
- $
- $ 7,498,968
NOTE 15 – SUBSEQUENT EVENTS
Management has evaluated subsequent events through December 30, 2024, which is the date the financial statements were available to be issued.
NOTE 16 – IMPLEMENTATION OF NEW GASB PRONOUNCEMENTS
During 2024, the following GASB pronouncements were implemented:
• GASB Statement #100, Accounting Changes and Error Corrections . This standard provides guidelines for the disclosure and presentation requirements concerning major and nonmajor funds, among other topics. For detailed information on the impact from the implementation of this standard, please refer to Note 14.
The following GASB pronouncements will be implemented in the future:
• The GASB Issued Statement #101, Compensated Absences , which is required to be implemented in 2025. • The GASB Issued Statement #102, Certain Risk Disclosures , which is required to be implemented in 2025. • The GASB Issued Statement #103, Financial Reporting Model Improvements , which is required to be implemented in 2026. • The GASB issued Statement #104, Disclosure of Certain Capital Assets , which is required to be implemented in 2026. Management is currently assessing the impact the implementation of these pronouncements will have on the basic financial statements.
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