GASB 101: Compensated Absences – Implementation and Reporting (Virtual)

All governments must implement GASB 101 for reporting compensated absences beginning with FY2025 financial statements. The standard introduces updated recognition, measurement, and disclosure requirements for vacation, sick leave, and other leave benefits. This virtual session is designed to equip Guam agencies, component units, and financial managers with a clear and practical orientation to these requirements.

The virtual overview will take place on December 9, 2025, at 9:00 a.m. Chamorro Standard Time. It will cover the core concepts and definitions within GASB 101, outline the updated measurement methodology, explain transition requirements, and highlight the implications for FY2025 year-end reporting. 

Participants will leave the virtual session with a working understanding of the standard, examples of acceptable methodologies, and a clear roadmap of what to prepare before the individual and small-group discussions during the on-site training the following week.

What You Will Learn

After completing this course, participants will be able to:

• Understand the core requirements of GASB 101, including recognition, measurement, and disclosure rules.
• Distinguish between leave types that fall within the scope of the standard and those that do not.
• Evaluate materiality considerations for compensated absence calculations.
• Apply the revised measurement methodology, including probability assessments and expected usage patterns.
• Identify required data elements that need to be gathered prior to the calculations and design an appropriate implementation process for their entity/agency.
• Prepare transition entries and disclosures for FY2025 reporting.
• Assess internal controls, policy updates, and system adjustments needed for compliance.

Who Should Attend

This course is intended for government finance professionals involved in preparing or reviewing financial statements, including accountants, financial managers, component unit finance staff, auditors, budget and payroll personnel, and agency staff responsible for leave administration or year-end reporting. It is especially relevant for teams supporting Single Audit preparation, providing inputs to financial reporting, preparing FY2025 compensated absences calculations, or assisting with GASB 101 implementation across their organizations.

Tuition Fees

With funding support from the United States Department of the Interior, Office of Insular Affairs, courses are available free of charge for government accountability professionals within the insular areas. The course fee is waived and there is no cost to register and attend, Professionals who do not meet the above criteria, please contact [email protected].