GASB Releases Statement No. 102, Certain Risk Disclosures
This new statement will require governments that follow Generally Accepted Accounting Principles (GAAP) to disclose information about certain risks they face due to concentrations and constraints in their revenues and expenditures/expenses. It will become effective for fiscal years beginning after June 15, 2024, and all reporting periods thereafter. Statement 102 is available on GASB’s website. Information on the statement and how to implement it will be provided at GFOA’s 118th Annual Conference, the 2024 GAAP Update and in future training offerings.