A rule change in how the town counts compensated absences and related items reduced its reported starting net position, an audit for the Town Council shows.
June 30, 2025: Implementation of GASB Statement No. 101 (Compensated Absences) and GASB No. 100, reducing beginning net position
The story
An audit prepared for the Tallulah Falls Town Council covering the period ending June 30, 2025 shows the town implemented Governmental Accounting Standards Board Statement No. 101 on compensated absences, along with GASB Statement No. 100.
The audit states the change decreased the town's beginning net position by $12,866. The same audit also lists related figures of $11,704 and $1,162.
What happened
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The implementation of this new standard decreased the Town's beginning net position in the amount of $12,866
implementation of this new standard decreased the Town's beginning net position in the amount of $12,866.
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