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Accounting standards are being issued at an ever-rapid pace, requiring us to review our accounting structures for proper implementation and our financial statements for transparent reporting. During this Utility University session, Baker Tilly’s Bethany Ryers focuses on governmental accounting standards that are not yet effective and implementation, providing specific examples for public utilities. GASB’s ongoing projects are also discussed. 

Key takeaways 

1. Understand which GASB standards have been issued but are not yet effective, and define the next action steps needed to implement these new standards:
  • GASB Statement No. 94​, ​Public-private and public-public partnerships (PPP) and availability ​payment arrangements 
  • GASB Statement No. 99​, ​Omnibus 
  • GASB Statement No. 100​, ​Accounting changes and ​error corrections 
  • GASB Statement No. 101​, ​Compensated absences
2. Be aware of these current GASB projects including status and anticipated timelines:
  • Revenue and expense recognition​ 
  • Financial reporting model​ 
  • Going concern uncertainties and severe financial stress​ 
  • Infrastructure assets​ 
  • Classification of nonfinancial assets​
  • Certain risk disclosures​ 
  • Subsequent events​ 
3. Recognize lessons learned from GASB Statement No. 87, Leases implementation related to:
  • Obtaining a population of contracts 
  • Materiality thresholds 
  • Use of regulatory accounting following requirements of GASB Statement No. 62, Regulated Operations 
  • Variable payments 
  • Analyzing termination clauses 

Who should watch

This content is intended for leadership and professionals in financial and management roles from municipal utilities, public utility districts, tribal utility authorities, and state, local and tribal governments.


Bethany Ryers, CPA, MAS | Principal, Baker Tilly

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