18. Recently Issued and Imple mented Accounting Pronouncements

City Council · 2026-04-21 · agenda_item

The City of West Melbourne is implementing new accounting standards that affect how compensated absences and certain risks are reported. These standards, GASB Statement No. 101 and GASB Statement No. 102, were put into effect for fiscal years beginning after December 15, 2023, and the fiscal year ended September 30, 2025, respectively. While the city has evaluated these new requirements, the direct impact on financial statements was not material. This item is under review as part of the city's ongoing financial reporting processes. The work involves reviewing and updating accounting policies and disclosures related to employee absences and government risks. This process requires expertise in financial reporting and accounting standards. Businesses specializing in accounting, financial consulting, and auditing services may find opportunities to assist local governments with similar compliance needs.