GASB 101 memo to board says liabilities will increase and net position will decrease
District finance staff briefed the Petersburg Borough School District board that implementing GASB 101 will increase reported liabilities and decrease net position, and will raise finance staff workload though it will not require major changes to accounting policies.
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District staff briefed the Petersburg Borough School District board on a GASB 101 memo at the Sept. 16 meeting. The memo states, "The implementation of GASB 101 will increase the liabilities stated on Petersburg School District's financial statements, decreasing its overall net position. Additionally, it has increased the workload on PSD finance staff, but does not require a significant change to our accounting policies or procedures." The board received the memo as an informational item.
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