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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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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“What You Should Know” – Guides for Local Government

Are you looking for an easy-to understand guide to various government financial statements to offer insight to new governmental financial reporting staff or to new council or Board members?  The GASB (Government Accounting Standards Board) “store” is currently offering several inexpensive comprehensive, yet readily understandable guides in the following areas: • Government Service Efforts and Accomplishments …

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Governmental Accounting Standards Board’s (GASB) Addition to the Financial Statement Elements and Implementation of GASB 65

GASB has added two elements to the original five financial statement elements.  GASB Statement No. 65 Items Previously Reported as Assets and Liabilities, issue guidance on using the new elements.  The two new elements are Deferred Outflows of Resources and Deferred Inflow of Resources.  GASB’s seven financial statement elements are defined as follows: Assets- resources …

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Governments Get Special Treatment

Recently our audit team had been presented with an unusual circumstance regarding losses due to impairment of capital assets.  While performing research surrounding this situation I was reminded of the three different ways a governmental agency can present a loss due to impairment, one of which is different from that of a private entity. GASB …

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Government Asset Impairment Determination

According to GASBS 42: A capital asset is considered impaired if the following apply: 1.) The decline in service utility of the capital asset is large in magnitude and 2.) The event or change in circumstances is outside the normal life cycle of the capital asset. However, it is not necessary to repeatedly review all assets for …

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A Look into the Importance of Budgets for Governments and Not-for-Profits

Government and not-for-profit budgets are far more important than those for businesses because they are expressions of public policy and often carry the authority of law, preventing public officials from spending outside their budgetary authority.  The increased importance of budgets is reflected in government financial reports by a required report comparing budgeted and actual amounts.  …

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