In this first episode of Cherry Bekaert’s three-part podcast series on the Governmental Accounting Standards Board (GASB) Statement No. 103, Financial Reporting Model Improvements, co-hosts Danny Martinez, CFO Advisory Partner, and Scott Anderson, Audit Partner, are joined by Michael Brotherton, CFO Advisory Senior Manager.

Together, they discuss what is changing and what is being emphasized in the management’s discussion and analysis (MD&A). Insights include GASB’s reasoning behind these proposed changes and the surprises we’ve seen in early implementations.

Tune in to learn about:

• GASB’s purpose for the MD&A changes
• A detailed look at the new five-section criteria of the MD&A
• How governments are using GASB 103 implementation as a reason to refresh both the MD&A and annual comprehensive financial report (ACFR)
• How Cherry Bekaert is using AI to help governments comply with new MD&A requirements
• Examples GASB gives to help increase the quality of current known facts, decisions or conditions section
• One takeaway governments should know related to the MD&A and GASB 103

Our CFO Advisory team provides a comprehensive GASB 103 implementation offering that helps governments modernize their MD&A and fully comply with implementation requirements. Cherry Bekaert has a dedicated team of professionals who specialize in providing accounting advisory services for governments, equipping them with the confidence that their needs will not be put second to competing audit regulatory deadlines.

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Part two of Cherry Bekaert’s Government & Public Sector Governmental Accounting Standards Board (GASB) Update podcast covers GASB 104, Disclosure of Certain Capital Assets, updates to the 2025 Implementation Guide and current projects at GASB.

Danny Martinez, CFO Advisory Partner, and Scott Anderson, Audit Director, break down what the latest updates mean, why they matter and how they could shape your reporting practices. Whether you're a seasoned accounting professional or simply trying to stay current with governmental standards, this episode provides valuable insights, including:

• An overview of GASB Statement No. 104
• Criteria for identifying capital assets held for sale
• Disclosure requirements for sold assets
• Guidance on implementing GASB 104
• Key updates from the 2025 Implementation Guide
• Projects GASB is working on:
  • Subsequent events
  • Revenue and expense recognition
  • Going concern uncertainties and severe financial stress
  • Infrastructure assets
• What high-performing governments can do to stay ahead and prepare for successful implementation

Cherry Bekaert’s CFO Advisory team provides a comprehensive GASB-as-a-service offering that helps governments overcome staffing and technical challenges. Cherry Bekaert has a dedicated team of professionals who specialize in providing accounting advisory services for governments, equipping them with the confidence that their needs will not be placed second to competing audit regulatory deadlines.

Related Guidance
GASB Update Part 1: What You Need to Know about GASB 102 & 103

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Grants professionals must navigate every phase of the grant lifecycle, from pre-award planning to final closeout. One particularly stressful aspect of grants management is preparing for the single audit and addressing the associated challenges. For success in this phase, grant professionals and accounting staff must seek to comprehend the auditor's role and the expectations involved.

In part one of this two-part episode series, we explore effective strategies for audit preparation with Kat Kizior, Grant Management Solutions Manager, and co-host Paula Heller, Grants Management Solutions Lead, as they are joined by special guest Auditing Manager Zach LeMorta.

This episode of Cherry Bekaert’s GPS Grants Management podcast series offers valuable insights to help organizations grasp the fundamentals of a single audit. Topics covered include:

• The difference between a single audit and a financial audit
• Steps for preparation for a single audit
• Processes to implement to minimize findings
• The most common findings during a single audit
• Best practice for a successful corrective action plan

Cherry Bekaert’s Grant Lifecycle Management team offers comprehensive grant management services to enhance internal controls and staff success, helping your organization seize every opportunity. For tailored advice specific to your business needs, Cherry Bekaert’s Government & Public Sector team is ready to assist.

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PODCAST: Understanding Subrecipients: The Who, What, and Why

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