GASB Issues Concepts Statement on Measurement of Assets and Liabilities
The Governmental Accounting Standards Board (“GASB”) has issued Concepts Statement No. 6, Measurement of Elements of Financial Statements, which is intended to guide the GASB in establishing accounting and financial reporting standards for U.S. state and local governments regarding the measurement of assets and liabilities. Concepts Statement No. 6 augments the framework the GASB employs in order to promote consistency in setting accounting and financial reporting standards and is primarily intended for the GASB’s use. The new concepts also may benefit preparers and auditors of financial statements when evaluating transactions for which there are no existing standards. For more information,. Read More.
SEC’s Corp Fin Modifies Confidential Treatment Procedures
Changing the way companies report disclosure documents with the U.S. Securities and Exchange Commission (“SEC”), the SEC’s Division of Corporation Finance (“Corp Fin”) will continue to review requests for confidential treatment of selective information to be contained within such documents. However, if after review Corp Fin has no comments, it will issue an order via EDGAR but will no longer separately contact the company directly. An applicant can check the company’s filing history on EDGAR to verify if its application has been granted and an order was issued without comments provided. Corp Fin will continue offering oral and written comments. Read More.
SEC Pulls Glossy Annual Reports from EDGAR
Due to glossy annual reports (called such due to being printed on high-gloss paper) being accessible on other websites, the U.S. Securities and Exchange Commission’s (“SEC”) Division of Corporation Finance (“Corp Fin”) recently announced it will discontinue posting scanned copies of such documents received by mail and through the Electronic Data Gathering, Analysis and Retrieval system (“EDGAR”). The move will help the SEC lower costs and make administrative processes less of a burden. Per the SEC’s proxy rules, companies are obligated to offer security holders an annual report prior to or at the time they give a proxy statement. In. Read More.
Mental Health Counseling among Colleges at Record High
At universities across the nation, reports suggest students seeking mental health counseling are at an all-time high. Per reports, almost half of college students claim they were unable to function due to depression over the last year. Xavier University’s Counseling Center also reported student visits have jumped 20 percent this year. Counselors believe factors driving the increase are job stress in a recovering economy, the recently cold winter, and current generations of students that start college already codependent on therapy sessions or medications. Despite the numbers, students are still reluctant to seek counseling for mental health. “If you have a. Read More.
Webinar: Smart Property Tax Planning Equals Significant Revenue for Your Bottom Line!
On April 8th, Bonny Rock and Shawn Schaffman from Cherry Bekaert’s State & Local Tax practice hosted a webinar entitled, “Smart Property Tax Planning Equals Significant Revenue for Your Bottom Line!” During the webinar, Rock and Schaffman shared strategies companies can use to save on property taxes. Both speakers also touched on how property assets are valued, ways Cherry Bekaert can assist in claiming tax savings, and scenarios discussing how companies can better their understanding of available tax-saving strategies and ways they can be implemented.
2014 Government Benchmarking Survey Participant Winners
Thank you to all those who participated in our 2014 Benchmarking Survey. We appreciate your time and look forward to sharing the results in the coming weeks. Congratulations to our drawing winners: Paul Fulton, Forsyth County Geneva Jackson, Lowe Savannah COG Kris Johnson, City of Spartanburg Heather Jones, Lee County Board of Commissioners Valerie Maggi, Sarasota County Schools Sean O’Neill, Lee County Finance Department Terry Painter-Beals, County of Henrico Dept. of Social Services Jay Poole, City of Chesapeake Sophie Primer, City of Gainesville Joy Sparks, Piedmont Triad Regional Water Authority