Happy New Year! Although January has been a quiet month for the standard setters, the FASB has appointed new members to its Not-for-Profit Advisory Committee (NAC), and the GASB issued a new statement on risk and uncertainty disclosures.
On January 4, the FASB announced the new members of the NAC, effective January 1, 2024. Melisa rolled off the committee as of December 31, 2023. The new NAC members are Jeanne Dee, Robert Dobbins, Andy Gutierrez, Anat Kendal, Ellen Labita, and Sheryl Madden. Each new member is appointed to a four-year term ending on December 31, 2027.
In January, the GASB issued Statement 102, Certain Risk Disclosures. This disclosure standard will provide users of government financial statements with information about risks related to a government’s vulnerabilities due to certain concentrations or constraints. Statement 102 defines a concentration as a lack of diversity related to an aspect of a significant inflow of resources or outflow of resources. A constraint is a limitation imposed on a government by an external party or by formal action of the government’s highest level of decision-making authority.
Statement 102 is effective for fiscal years beginning after June 15, 2024, and all reporting periods thereafter. Early application is encouraged.
We expect the new Yellow Book to issue early next month, and the 2024 Compliance Supplement is expected to issue in May!
Stay tuned for more updates next month!
