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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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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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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New overtime law update: delayed for now

A Texas U.S. District Judge has filed an injunction, blocking implementation of the Department of Labor’s (DOL) new overtime law. Previously we had discussed the updated overtime law, which the DOL had set to begin December 1, 2016. This law would have doubled the maximum salary an employee earned before becoming exempt from mandatory overtime …

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Understanding Government and Nonprofit Auditing Risks

School districts, townships, municipalities and special districts make up roughly 90,000 local government entities throughout the United States that require an audit by a CPA firm. Additionally, more than 1.5 million tax-exempt organizations in the U.S. also require an audit at year-end. Audits of these types of organizations require planning, testing, and reporting requirements to …

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Anticipated Changes in Lease Accounting

The Governmental Accounting Standards Board (GASB) issued an exposure draft on January 25, 2016 proposing significant changes in accounting for leases. Primarily the GASB proposal would result in accounting for all lease contracts for nonfinancial assets as capital leases and eliminating the operating lease option. The proposal does not apply to grants, donated assets or …

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Information Security

Earlier this month the United States Computer Emergency Readiness Team (US-CERT) and the Department of Homeland Security issued an alert that Symantec and Norton antivirus software contain multiple vulnerabilities. Symantec has, in response, released patches that will fix the vulnerabilities and the US-Cert encourages all users to patch their software immediately. The alert is good …

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Upcoming Changes to the CPA Exam

Whether you sat for the CPA exam or not, it is widely known to be an incredible test of not only one’s technical expertise, but also one’s endurance to make it through the rigorous process. To make things even more difficult, it changes year to year to reflect the most recent updates in accounting standards, …

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Do You Reconcile Your Governmental Capital Assets?

It can be hard to remember, but it is a requirement of most all federal grants in which capital assets are purchased, that a governmental entity performs a physical inventory of all capital assets at least once every other year. In the case of Arizona school districts, they must inventory their capital assets, or property …

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GASB Issues 2016 Implementation Guide

Government accountants are aware that the hierarchy of accounting for state and local government’s generally accepted accounting principles (GAAP) fall in one of two categories. Category A is the official Governmental Accounting Standards Board (GASB) Statements. Category B includes GASB Technical Bulletins, GASB Implementation Guides and literature of the American Institute of Certified Public Accountants …

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