The Latest Rules and Regulations That Impact Your Government Entity

How Does GASB Measure Fair Value?

In response to stakeholders requesting more clarity regarding Fair Value standards, GASB developed new guidance by issuing Statement No. 72. The new guidance is designed to provide additional information regarding the measurement of Assets and Liabilities and to help financial statement readers make better, more informed decisions. GASB Statement No. 72, Fair Value Measurement and …

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Importance of Controls Over Fixed Assets

Are your year-end financial statements accurately representing your fixed assets? Deficiencies in the recording of fixed assets can often result in inaccurate financial reporting. The area of fixed assets is way too often considered as a lower priority by management, thus easily disregarded. Fixed asset control procedures are not always performed as well as they …

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Steps to Improve Financial and Single Audit Quality

The AICPA Governmental Audit Quality Center has some resources available for auditees to assist you in having a smooth and efficient audit. The Center outlines five steps that you, as an auditee, can take to improve the quality of your audit. The first step is to ensure that your auditors are properly qualified and have …

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GASB 68 Valuation, Measurement and Report Dates, Oh My!

It’s here! GASB 68, the much anticipated Pension Statement, is effective for employer governments for this June 30, 2015 ending year. Amongst all the hype is a barrage of changes to the way governments have been reporting their pensions. This blog focuses on the three different dates involved, specifically for Arizona based pension plans. There …

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Education for Governmental Accountants

How many governmental accounting classes did you take in college? One, maybe two at the most? Or are you like me, and you didn’t take any? There was only one class offered and it was a combination of non-profit and governmental financial accounting. Like many of the governmental accountants out there, I was trained on …

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Best Practices for Analytics

It does not matter what industry or profession you are in, analytics can play a vital role in making a business decision. Whether it is to determine collectability in accounts receivable or project future revenues, analytics can help with the decision making process. However, what makes a good analytic, or perhaps more importantly, what do …

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A Lesson Learned…Hopefully

Recently, it was discovered that the State of New Mexico’s bank account was not fully reconciled, to the tune of $100 million, give or take. You’re probably asking yourself the same thing I am, “How does this even happen?” The State was asked the same question and fingers were pointed, and blame was passed all …

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Government Reporting of Tax Abatements

The GASB issued an exposure draft, Tax Abatement Disclosures, for public comment in October 2014. The period for public comment ended just a couple of weeks ago and now the Board will evaluate comments and may issue a new statement this August that will provide guidance on how governments should disclose tax abatements. The proposed …

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A Brief Look at GASBS 71

GASB Statement number 71 has been issued for the simple purpose of amending one paragraph in GASB Statement 68. Because of this, it is required to be applied in the same year of implementing GASB 68. Also, it is only going to be used in the first year of implementing 68, the transition year, and …

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Single Audit Reform

We’ve been waiting a while for this, as single audit reform has been an ongoing conversation for a few years. There will be a number of changes to single audit requirements as well as some changes to the single audit process. For now, since these changes won’t take effect until 2015 calendar year-end audits, the …

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