Governments capitalizing interest, a thing of the past

In the beginning there was capitalized interest, and some found it was good. Then, GASB decided to shed some light on this topic – now, capitalizing interest is just a thing of the past. While governmental activities generally don’t incur capitalized interest on projects in the construction phase, business-type activities were permitted to do so, …

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Quiz time! Are you furthering your expertise?

The Journal of Accountancy is a great resource for all things accounting. From fraud schemes to new accounting standards to the latest technology, the Journal covers it all. They also regularly have quizzes you can take to test your knowledge and skills for various areas. Recently, I came across a quiz they created for “Best …

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2019 Standard mileage rate, minimum wage

Government employers need to be aware of two rate increases this year. One is the standard mileage rate set by the IRS and the other is the minimum wage rate set by Arizona voters. Standard mileage rate Every year, the IRS establishes a standard mileage rate and this year is no different. Many government entities …

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Prepare your organization for new standards, smooth transitions

The Government Accounting Standards Board is always issuing new standards on a range of topics such as pensions, postemployment benefit plans, lease standards and more. With so many technically complex changes issued within a short time frame, it can be hard to keep up. Implementing changes can be a time-consuming process, especially for those with …

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Digital modernization, government and audits

With technology and society ever growing and evolving, government entities are evolving and changing themselves. Reports from the AICPA’s Charted Global Management Accounting group discuss some of the key factors and challenges faced by governments who are considering or are in the process of moving to a more digital organization (Part I and Part II). …

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Uniform guidance: time and effort reporting

Many questions have arisen regarding the Uniform Guidance on the reporting of personnel expenses and the need to record hours worked across multiple grants and responsibilities. The Standards for Documentation of Personnel Expenses can be found under section §200.430(i). In reading the uniform guidance, we noted three things: Paragraph (i)(1)(i) states first and foremost that …

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Completing risk assessments, a valuable management tool

Risks assessments are performed by external auditors to develop plans to meet the audit’s objectives. However, risk assessments can also be performed internally and used as a valuable management tool to determine if internal control structures are functioning as originally designed or if changes are necessary. In an everchanging regulatory environment as well as inevitable …

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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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