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?