Recent Accounting Standards
GASB 101, Compensated Absences – Adopted in FY 2025 The primary objective of this Statement is to better meet the information needs of financial statement users by updating the recognition and measurement guidance for compensated absences. The impact of the new accounting standard adoption is as follows:
June 30, 2024 - (thousands of dollars) Net position, as originially stated
$
6,060,373
Adjustment to restate Net position, as restated
(22,334)
$
6,038,039
GASB 102, Certain Risk Disclosures – Adopted in FY 2025 The disclosures will provide users with timely information regarding certain concentrations or constraints and related events that have occurred or have begun to occur that make a government vulnerable to a substantial impact. Adoption did not have a material impact to the financial statements. GASB 104, Certain Capital Assets , To be adopted in FY 2026 The requirements of this Statement will improve financial reporting by providing users of financial statements with essential information about certain types of capital assets in order to make informed decisions and assess accountability.
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