17. Recently Issued and Implemented Accounting Pronouncements (continued)

City Council Meeting · 2026-04-28 · agenda_item

The City of Clermont is reviewing new accounting and financial reporting rules from GASB Statement No. 100 and GASB Statement No. 101. These new rules affect how the city accounts for changes in its accounting methods and how it corrects errors in past financial reports. They also change how the city reports compensated absences, which are employee absences that are paid. The city is currently evaluating the impact of these statements on its financial reporting. This review is in the early stages of the public process, meaning the city is still planning and assessing the changes. The work will involve reviewing financial data, updating accounting systems, and preparing new financial disclosures. This early stage presents an opportunity for local businesses specializing in accounting, financial consulting, and IT services to engage with the city. Reaching out now, before specific implementation plans or contracts are finalized, allows businesses to offer their expertise and potentially secure future work related to these financial reporting updates.