The Latest Rules and Regulations That Impact Your Government Entity

Time’s almost up to comment on revenue recognition

It’s coming, are you ready for it? Do you remember the revenue recognition standards? In our last two blogs, we discussed the government accounting standards board working on a new revenue/expense recognition project. This has huge implications on government accounting. The research phase of the project has been completed and now the board is on …

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New revenue, expense recognition considerations Part II

GASB is looking to address expanded guidance on revenue for classification and recognition through either the Exchange/Non-Exchange Model or the Performance/No-Performance Obligation Model. This blog will provide a brief overview of the Performance Obligation Model. If you missed our post on the Exchange Model, click here. Performance Obligation Model The Performance Obligation Model classifies a …

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Considerations for new revenue, expense recognition

GASB is currently looking to address expanded guidance on revenue for classification and recognition through one of two primary ways: Exchange/Non-Exchange Model, or Performance/No-Performance Obligation Model This blog will provide a brief overview of the Exchange Model. The Exchange Model The Exchange Model classifies an exchange transaction as when each party receives and gives up …

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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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