GASB Implementation Guidance Update for 2021

Recently, The Governmental Accounting Standards Board released its Implementation Guidance Update for 2021. Within this update, an amendment was made for the following question: “Should a government’s capitalization policy be applied only to individual assets, or can it be applied to a group of assets acquired together? Consider a government that has established a capitalization …

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Legal Compliance Questionnaire changes

Every year, the Charter Board publishes changes and updates to the legal compliance questionnaire. In the hopes to help our Charter schools minimize comments and “No” responses, here is a summary of changes to the current LCQ for FY21. Don’t miss: The end of the Comprehensive Annual Financial Report acronym Question #11 – Tuition question …

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The 2020 compliance supplement addendum is finally here

The Compliance Supplement Addendum was finally released at the end of December 2020. With the addendum, there was a total of five new Catalog of Federal Domestic Assistance (CFDA) numbers issued as they relate to COVID-19 funding. These cross over Department of Agriculture, Department of Education, Treasury, Federal Communications Commission (FCC) and Department of Health …

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Are you an Ethical Person? Take a Quiz to find out

When it comes to accounting, people often believe it to be very rigid and structured. But as we all know, “it depends” is a very common answer when it comes to the treatment of various accounting issues. At what point does something become an ethical issue? Well…it depends. It’s also not as clear as some …

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Operational Reviews of Arizona Courts

Navigating Arizona’s court financial system can be confusing, even more so with a recent switch between AZTEC and AJACS systems. The state completed the transition by June 30, 2020 and now everyone can begin learning the user-friendly system! Don’t miss: Culture of busy-ness Each court is required to complete the following, to adhere to compliance …

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GFOA blue book gets an update

The Government Finance Officers Association (or GFOA) is a professional association of state, provincial, and local government finance officers in the United States and Canada. They have recently published the Tenth Edition of Governmental Accounting, Auditing, and Financial Reporting (GAAFR or “Blue Book”) in July 2020. Don’t miss: Yellow book changes GFOA is an organization in …

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What’s the deal with conflicts of interest?

In recent years conflict of interest reporting has become a major topic of discussion during audits, but why? First a conflict of interest can be identified as this: “Any public officer or employee of a public agency who has, or whose relative has, a substantial interest in any contract, sale, purchase or service to such …

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Legal compliance questionnaire changes

Every year the Charter School Board publishes the current year changes for the Uniform System of Financial Records for Arizona Charter Schools (USFRCS); also known as the Questionnaire or State requirements. This Questionnaire provides guidelines based on Arizona State Legislature for Charter Schools to comply and hold accountable for financial reporting. As a reminder, Charter …

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The importance of segregation of duties

Perhaps one of the most crucial controls an entity can have is the segregation of duties. Basically, this requires multiple people within a process to complete an objective so that no one is in charge of the process from start to finish. As you begin to think of the different processes within your entity and …

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