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 …

Keep Reading

Plan Transfers

In today’s market the mergers and acquisitions of businesses are on the rise.  If the company maintaining your 401(k) plan is purchased, or merges with another company, what issues should you be considering?  There are risks associated with the accounting of plan transfers that the plan administrator should be aware of.  Plan transfer risks include: …

Keep Reading

To Defer or not Defer, that is the GASB? Part 1 – A look into GASB 63 and 65

The Governmental Accounting Standards Board has recently issued two GASB Statements that will affect the way a governmental entity presents its financial statements going forward.  Those GASB statements are GASBS 63 and GASBS 65.  We have broken this blog into two blogs.  Part I will discuss the ramifications of GASBS 63 and Part II will …

Keep Reading

Due Diligence Tips for Buying a Business – Part III

LIABILITIES Compliance with bulk sales laws for asset purchases: • Make sure the bulk sale notifications specified by local law are complied with.  The effect of failure to comply with the bulk sales law enables creditors to “follow the assets” and have valid claims against the new owner (the buyer). • Provide in the asset purchase/sale agreement …

Keep Reading