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Auditors: Sherwood SD implemented GASB changes; committee raises staff workload concerns
Summary
Auditors told the committee Sherwood SD implemented GASB Statement 101 and 102 this year and previewed additional standards; members and auditors discussed whether staff capacity is sufficient to implement ongoing new accounting requirements.
Tara Camp told committee members the district implemented two new accounting standards this year: GASB 101 (remeasurement of compensated absences) and GASB 102 (certain risk disclosures). She also previewed upcoming standards (GASB 103 and 104) that will affect financial reporting and said auditors will work with the district on implementation.
Camp cautioned that “our workload has increased dramatically in the last few years because of the new standards coming out at such a rapid pace,” and the committee discussed whether the district needs to hire or contract for additional help to stay current. Members stressed the value of preserving staff who support internal controls so improvements remain sustainable over time.
