GASB 103, Financial Reporting Model Improvements, was issued by the GASB. This standard does not make the sweeping changes to governmental funds proposed in earlier versions of the due process phases. However, it does make changes to MD&A, unusual or infrequent items, proprietary funds, component unit presentation, and budgetary comparison information. GASB 103 is effective for fiscal years beginning after June 15, 2025, and all reporting periods thereafter. Earlier application is encouraged.
SCACPA is excited to partner with Galasso Learning Solutions and the Genuine Learning Blog for real-time A&A updates and answers for SCACPA members.
Melisa F. Galasso is the Founder and CEO of Galasso Learning Solutions LLC. A CPA with over 20 years of experience in the accounting profession, Melisa designs and facilitates courses in advanced technical accounting and auditing topics, including not-for-profit and governmental accounting. Her passion is providing high-quality CPE that is meaningful, creates efficiencies and improves quality, and positively impacts ROI.