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Annual Government Seminar Presentations Available for Download

Cherry Bekaert recently concluded our Annual Government Seminar Series, which took place in Newport News, Richmond, Roanoke and Virginia Beach. This year’s presentations included a range of timely topics such as the latest news from the Governmental Accounting Standards Board and cyber security. We invite to you view the full presentations linked below. For questions or to discuss how this information can help your governmental organization, feel free to contact Sharon Day at . Presentations 2016 GASB Update Governments in the News Outline Cyber Security – Identifying the Risks and Your Responsibilities Lessons Learned from Financial Reporting and Compliance including Pensions

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Audit Alert Issued for DCMA Implementation Guidance on Blended Compensation Caps

On February 19, 2016, the Defense Contract Audit Agency (“DCAA”) issued Memorandum for Regional Directors (“MRD”) 16-PSP-005(R), Audit Alert on DCMA Implementation Guidance on Blended Compensation Caps. The Alert provides auditors with official guidance when dealing with blended compensation caps with contractors, and in tandem with the Defense Contract Management Agency (“DCMA”). What does this mean? Let’s take a few steps back to October 2014, when Shay Assad, the Director of Defense Pricing Acquisition Technology, and Logistics OUSD (“AT&L”), issued a memo stating that use of a blended rate is deemed “practical and cost efficient.” This was in reaction to. Read More.

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The Applicability of IPSASs Published

Changing how it announces which public sector entities are considered when developing an International Public Sector Accounting Standard (IPSAS) or Recommended Practice Guidelines (RPG), the International Public Sector Accounting Standards Board (“IPSASB”) recently published The Applicability of IPSASs . The amendments in this final Pronouncement arose from feedback that several entities were being labeled as Government Business Enterprises (GBEs), including entities without the profit motive required under the IPSASB’s definition of a GBE. Parts of the GBE definition were considered vague and challenging for preparers to interpret. In response, the amendments have a more principles-based approach and are focused on entities’ actual characteristics. Specifically,. Read More.

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FASB Proposes Amendments to Codification Guidance

The Financial Accounting Standards Board (“FASB”) has proposed several changes that would correct errors or offer slight improvements to its Accounting Standards Codification (Codification). Issued as a Proposed Accounting Standards Update, Technical Corrections and Improvements, the planned changes would simplify the Codification and make it easier to apply by removing inconsistencies and clarifying guidance. Generally, the proposed amendments fall under one of the following categories: Amendments related to differences between original guidance and the Codification; Guidance clarification and reference corrections; Simplification; or Minor improvements. Comments on the proposal are due Tuesday, July 5th. Check out the Accounting Web for more. Read More.

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What’s in a Name?

As many Federal contractors know, speaking the language of government contracting can be a daunting task. Effective May 29, 2014, most of the familiar names and terminologies associated with some of the key Acts and provisions affecting government contractors were modified in the Federal Acquisition Regulation (FAR). The name changes were required to conform references throughout the FAR to the new Positive Law Codification of Title 41, United States Code. Positive law codification by the Office of the Law Revision Counsel is the process of preparing and enacting a codification bill to restate existing law as a positive law title. Read More.

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FASB Discusses Nonprofit Partner Consolidation Guidance

During its meeting on March 30th, the Financial Accounting Standards Board (“FASB”) discussed its project on clarifying when a nonprofit general partner should consolidate a for-profit limited partnership or similar entity. Topics covered included outreach performed on potential alternatives, the transition method and whether the FASB should draft a proposed Accounting Standards Update (ASU). As a result of the discussions, the FASB reached the following decisions: The current practice for nonprofit general partners was preserved by reinstating the consolidation guidance that existed in Subtopic 810-20, Consolidation—Control of Partnerships and Similar Entities, and adding it to Subtopic 958-810, Not-for-Profit Entities—Consolidation. Because. Read More.

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