GASB entered the era of the three-digit statement numbers on June 1, 2022, with the approval of GASB Statement No. 100, Accounting Changes and Error Corrections (GASB 100). At that same meeting, the Board also approved the issuance of GASB Statement No. 101, Compensated Absences (GASB 101). Here’s an overview of the most significant changes to generally accepted accounting principles (GAAP) made by the statements, both of which will first become effective for most governments’ fiscal years ending in 2024, with earlier adoption encouraged.

• Publication date: August 2022
• Author: Michele Mark Levine