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COFAR Updates Frequently Asked Questions Document on Uniform Guidance

The Council on Financial Assistance Reform has issued a revised frequently asked questions (“FAQs”) document on the Office Management and Budget’s (“OMB”) Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards at 2 CFR 200. Updated as of July 2017, the document features 24 new FAQs and four revised FAQs. Download the new FAQs document on OMB’s Uniform Guidance at 2 CFR 200 here.

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GASB Issues Exposure Draft for Postemployment Benefits

Proposing implementation guidance regarding postemployment benefits, the Governmental Accounting Standards Board (“GASB”) has released the exposure draft, Implementation Guide No. 201X-Z: Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions (and Certain Issues Related to OPEB Plan Reporting). The proposal aims to offer guidance on the requirements under GASB Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions, as amended, and GASB Statement No. 74, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans. It also features rules that would eliminate transition-related guidance at the end of the transition period for GASB Statement No.. Read More.

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Recent Office of Management and Budget Actions

The following summary outlines recent actions taken by the Office of Management and Budget (“OMB”): Memorandum M-17-26, Reducing Burden for Federal Agencies by Rescinding and Modifying OMB Memoranda . Last month, the OMB issued a memorandum which marked the dissolution of the Council on Financial Assistance Reform (“COFAR”). The memorandum also eliminates several grants management-related requirements. Change in reporting metrics. The OMB announced that federal agencies no longer have to report the metrics assessing the impact of the Uniform Guidance, as ordered by OMB Memorandum M-14-17, Metrics for Uniform Guidance. Catalog of Federal Domestic Assistance (“CFDA”) expansion. The OMB has postponed its proposed expansion of the CFDA numbering schematic. Future changes. Read More.

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GASB Issues Exposure Draft on Debt Disclosures

On Wednesday, the Governmental Accounting Standards Board (“GASB”) released an exposure draft that proposes guidance to improve debt-related disclosures in financial statements. Issued as Certain Disclosures Related to Debt, including Direct Borrowings and Direct Placements , the Exposure Draft offers guidance that would state which liabilities governments must disclose in their financial statements. Such liabilities include direct borrowings and direct placements. The proposed guidance would describe debt for disclosure purposes as a liability arising from a contractual requirement to pay cash or other assets to resolve a fixed amount at the date of the established contractual obligation. Leases and trade accounts payable would receive exemption from the guidance. In addition, the new. Read More.

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New GASB Statement on Leases Issued

The Governmental Accounting Standards Board (“GASB”) has issued a new single model to help state and local governments report leasing agreements. GASB Statement (“GASBS”) No. 87, Leases, categorizes leases as financing arrangements that allow customers to use the leased asset. Per the standard, governments that act as lessees must report a liability for the contract, as well as report an intangible asset indicating their ability to use the leased item. For government entities that are lessors, they must disclose a receivable for the lease and a deferred inflow of resources. Nonfinancial assets such as vehicles, heavy equipment, and property are. Read More.

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