The Latest Rules and Regulations That Impact Your Government Entity

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 end of the Comprehensive Annual Financial Report acronym

Recently the acronym for the commonly used Comprehensive Annual Financial Report (CAFR) has come under fire due to what it represents when said amongst some groups in South Africa and other parts of the world. To avoid misunderstandings, you will soon start seeing Annual Comprehensive Financial Report (ACFR) instead. You may be wondering what that …

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Light rail extends to South Phoenix

With an expected completion date in 2024, the Valley’s light rail system will be getting a 5.5-mile extension, bringing it to a total of 32 miles long. The newest extension will run from the downtown Phoenix hub to Baseline Road in South Phoenix. This extension will add eight stations and two park and rides, as …

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Will work from home continue?

A common question as we have spent the last year working from home and being very cautious about visiting public places, including our own office. How have government agencies handled this transition to work from home? Don’t miss: Don’t forget about GASB 84! There is a wide range in what our clients have experienced and …

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Don’t forget about GASB 84!

With COVID pushing implementation dates back and leases on our heels, we do not want to forget about implementing GASB 84 as of June 30, 2021. This GASB’s purpose is to help clarify the differences of Fiduciary funds and related component units and how it’s reported. Fiduciary funds’ definition has been revised and updated to …

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Classroom Site Funds gets new rules

In March of 2021, the Arizona House of Representatives passed new legislation for how Classroom Site Funds monies can be expended beginning in academic year 2021-22 or fiscal year 2022. Previously the statute required schools to allocate CSF monies as follows: 40% for teacher compensation increases based on performance and employment-related expenses 20% of monies …

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Explaining the Annual Expenditure Limitation Report for cities and towns

Arizona Revised Statutes (A.R.S.) §41-1279.07 states that “The auditor general shall prescribe a uniform expenditure reporting system for all political subdivisions subject to the constitutional expenditure limitations prescribed by article IX, sections 20 and 21, Constitution of Arizona.” The Annual Expenditure Limitation Report is applicable to counties, community college districts, and cities and towns, each …

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Reconciling your fixed assets

Reconciliations are an important part of determining and following money trails of a organization. In short, a reconciliation is the process of bringing together two separate sets of data and ensuring the data is accurate and agrees with one another. In accounting there are various types of reconciliations that can be performed; one being a …

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