Published: September 20, 2022
The Governmental Accounting Standards Board (GASB) releases new accounting standards nearly every year, and local governments have to evaluate and implement them. We know it can be challenging and time-consuming to implement new standards properly. But as auditors, we also know that a poorly planned implementation can lead to financial statement errors and raise concerns about the quality of your internal controls.
While each standard is different, the best practices for implementation are the same. That’s why we’ve updated our Best Practices for Implementing Accounting Standards to guide you through the process.
This valuable resource:
- Details best practices from start to finish, including monitoring for accounting standard changes, developing an implementation plan, and making post-audit adjustments
- Lists suggested action steps for your implementation plan so you don’t have to start from scratch!
- Connects you to other helpful resources, such as GASB’s Outlook (a free quarterly e-newsletter), and explains how to find financial statement presentation examples
- Includes documentation tips to track and share your research
- Describes post-implementation suggestions so you can make adjustments based on the feedback from auditors or internal stakeholders
Remember, we’re here to help. You can submit technical accounting and financial reporting questions to our HelpDesk in the client portal.
If you have other questions, comments or suggestions, feel free to email us at Center@sao.wa.gov.