GASB Statement No. 101, Compensated Absences, will be implemented by North Carolina governments for the fiscal year ended June 30, 2025. While this may seem to be in the distant future, governments need to begin compiling information and beginning balances by July 1, 2024. This webinar will provide participants with the following:
- Details of the requirements of GASB Statement No. 101, Compensated Absences
- Implications for financial reporting in the external financial statements and comprehensive note disclosures
- Examples of preparation processes by several NC local government finance officials
- Impact on implementation of GASB Statement No. 100, Accounting Changes and Error Corrections-an amendment of GASB Statement No. 62
Historically, the vast majority of NC governments included compensated absences liabilities in their financial statements that reflected primarily their accrued vacation. GASB Statement No. 101 will expand that liability definition for almost all governments in NC to include unused sick leave. Calculating those liabilities as of June 30, 2025, will require access to appropriate opening liability balances as of July 1, 2024. In addition, all liabilities will include certain salary-related payments. This webinar is designed to guide finance officials through the process of identifying the necessary information and the calculations to arrive at the appropriate liability amounts for June 30, 2025.
When and Where:
Monday, May 13, 2024, 9 am – 12 noon via ZOOM
Presenters:
Gregory S. Allison, UNC School of Government
K. Lee Carter, Jr., Capital Management of the Carolinas
CPE CREDIT: This course will offer 150 minutes (3 hours) of elligible CPE credit. We will be using CPE code words to mark attendance at the beginning and end of the webinar; you must be present at both to claim credit. These code words must be included on your CPE form when you fill it out and submit it. A link to download and complete the CPE form will be included in your reminder email prior to the course. Please upload a copy of your form at the link provided and keep a copy for your records.
*This course has been identified by faculty as being potentially relevant for Continuing Professional Education credit in accordance with requirements of the NC State Board of CPA Examiners. However, it is the responsibility of the individual to determine which sessions they will ultimately claim. As this course has not been pre-approved with the State Board, the School of Government does not guarantee that the State Board will accept the credit hours.
| CPE | 3.00 hrs |
- OnlineMay 13View Cancellation PolicyCourse participants who cancel their registration on or before May 05, 2024 will receive a full refund. No refund will be made for cancellations on or after May 06, 2024, but you will receive a transferrable credit to be used within 12 months. Click here to view the School’s full cancellation and refund policy.$85.00Registration and payment for this course grants access for a single attendee. In order to register a group of attendees, please register each person individually. If you have questions, please contact our registration office at registration@sog.unc.edu or 919.966.4414.
Shannon Morris
