On November 19, 2024, Technical Q&A 6950.25 was issued, offering key guidance on how auditors should approach opinion unit classification when a governmental fund is reclassified from major to nonmajor under GASB Statement No. 100.
When a fund transitions from major to nonmajor, GASB 100 requires a separate column in the financial statements to show only beginning balances, adjustments, and restatements. But what does that mean for the auditor’s opinion unit? Where should this information be reported?
Watch this week’s blog to find out.
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.
Alexandria Romero, CPA, is a seasoned professional with nearly two decades of expertise in governmental and nonprofit accounting. She plays a pivotal role in developing governmental training programs at Galasso Learning Solutions. Before joining the team, Alex honed her skills in various roles within the accounting field. Her engaging presentation style and passion for connecting with attendees have made her a sought-after educator, known for her ability to make complex topics accessible.
