The Latest Rules and Regulations That Impact Your Government Entity

Recording prepayments and immaterial inventory supplies

In governmental accounting, the presentation of prepayments and immaterial inventory supplies on the fund statements balance sheet (using the current financial resources measurement focus) is optional. The balance sheet only includes financial assets, defined as cash or something that will convert to cash in due course. Prepayments and immaterial inventory supplies can fall in this …

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Is your government entity secure from cyberattacks?

Unfortunately, it is becoming commonplace to hear news of a large organization whose data was hacked. But data breaches should not only be of concern for large organizations – small organizations are susceptible as well, including government entities. You can put a few practices in place to keep your organization and employees safe from data …

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Employee retention strategies – staying engaged

For most companies with 11 or more workers, employee retention can be challenging. Keeping employees engaged and loyal to the company requires methods that may not always be a one size fits all solution. For example, in today’s society, culture plays a large role in how connected employees feel to their company; this can be …

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Importance of a month-end checklist

It’s that time of the month that you dread, closing. Many accountants dislike this time of the month due to the amount of time and energy it takes to close your books. Government entities are no different. The Board/Council as well as the public relies on receiving reliable financial information on a monthly basis. As …

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Coming soon: GASB’s new lease standard

The Governmental Accounting Standards Board (GASB) is set to release a new standard dealing with leasing later this month. The new lease standard is set to be effective for reporting periods beginning after December 15, 2019 and earlier application is encouraged. If you are a state or local government that is involved in leasing, then …

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How companies can prevent, detect fraud from the inside

For small and medium sized companies, fraud schemes to create fake invoices and payments to vendors is fairly simple, if the right processes are not in place. According to an article written by Cecilia Locati in the Journal of Accountancy, these seven tips can help companies decrease the presence of fraud through the procurement process. …

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The benefits of preparing for GASB 84 now

In January 2017, the Governmental Accounting Standards Board (GASB) issued the final standard on identifying and reporting fiduciary activities under Statement No. 84. While GASB 84 is not effective until reporting periods beginning after December 15, 2018, application of the standard should be retrospectively applied, if practicable, to all periods presented. Therefore, if comparative financial …

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Popular government fraud schemes

State and local governments have fraud just like other industries and organizations. In fact, according to the Association of Certified Fraud Examiners’ (ACFE) most recent 2016 Report to the Nations, “government and public administration” was second only to “banking and financial services” when it came to the number of cases of fraud reported to the …

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3 Tips to increase productivity in your daily routine

Do you ever feel that there are not enough hours in the day to complete what you wanted? How about feeling stressed at what seems like a mountain of work you need to finish by a certain deadline? While you can’t avoid stress entirely, here are 3 simple, yet effective, ways at maximizing your productivity …

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U.S. company’s big payout to the SEC

Why is a U.S.-based wire and cable making company paying out $6.5 million in penalties to settle accounting violations with the Securities and Exchange Commission (SEC), in addition to more than $75 million to resolve allegations? General Cable Corporation has been in violation of the Foreign Corrupt Practices Act. The company’s overseas subsidiaries had been …

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