Did you know you are now required to include a file containing the calculation of net investment in capital assets? This file is reported on your government-wide statements of net position for both governmental and business-type activities with your ACFR submission package to GFOA. You need it to receive your Certificate of Achievement for Excellence …
Recently, a number of our clients have reached out to us regarding the accounting treatment for pension obligation bonds. Specifically, people want to know about any accounting treatment they should consider when factoring in GASB 68. Even though GFOA advises against governments issuing pension obligation bonds, it is clear that the interest rates on taxable …
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 …
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 …
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 …
The Government Accounting Standards Board is always issuing new standards on a range of topics such as pensions, postemployment benefit plans, lease standards and more. With so many technically complex changes issued within a short time frame, it can be hard to keep up. Implementing changes can be a time-consuming process, especially for those with …
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 …
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 …
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 …
The Governmental Accounting Standards Board (GASB) issued a proposal last month that may change the way state and local governments report operating leases. The proposal is based on the concept that leases are a method of financing that gives governments the right to use an underlying asset. Even though there currently are disclosures in the …