GASB Holding a Four-Day Meeting This Week
Yesterday marked the start of the Governmental Accounting Standards Board’s (“GASB”) four-day meeting at its Norwalk, Connecticut, offices. Throughout this week, the GASB will review postemployment benefits accounting and financial reporting, in particular issues such as defined contribution plans, note disclosures, and required supplementary information. The GASB will also examine comments from the exposure draft of the proposed Implementation Guide No. 20xx-1, and meet with Governmental Accounting Standards Advisory Council (“the Council”) members on the Council’s ongoing technical agenda and research projects. Later in the week, the GASB will hold discussions on the criteria for cost-based external investment pools, talk. Read More.
GASB Statement on Fair Value Measurement Issued
The Governmental Accounting Standards Board (“GASB”) has published its final standard on fair value measurements, GASB Statement No. 72, Fair Value Measurement and Application. GASB Statement No. 72 details accounting and financial reporting matters associated with fair value measurements. Specifically, the new standard explains how fair value is to be measured, which assets and liabilities must be assessed, and what information should be disclosed within the notes of financial statements. Further, GASB Statement No. 72 defines fair value as the established price for an asset to be sold or paid to transfer a liability in an arranged transaction between market. Read More.
Cherry Bekaert’s Fourth Annual Benchmarking Survey is Now Open
Cherry Bekaert is excited to release our fourth annual benchmarking survey for state and local government entities in the southeast. The survey will focus on counties, municipalities, schools, authorities and commissions in Virginia, North Carolina, South Carolina, Georgia and Florida, and touch on a range of issues including: Workforce and Benefits Financial Reporting Use of Technology Grant Reporting and Administration Debt Structure Budget Risk Assessment and the Audit Process Please click here to take the survey before it closes on March 17, 2015. Respondents can enter for a chance to win a $25 gift certificate from Amazon.com; we will select TEN lucky winners. Read More.
The Impact of Lengthy Meetings on Government Entities
Referred as “the lifeblood of an organization” by author Al Pittampalli, meetings have a tendency to do more harm than good. While most large government entities regularly assemble, the lack of productivity from such meetings cuts into valuable work time. As a result, operation costs increase and time-sensitive assignments are disrupted from being completed. To combat the issue, entities can take proper steps to hold efficient meetings that lower costs and increase productivity. Government entities should also develop an awareness of how many meetings are being held, and whether discussions are constructive or can be postponed to a later meeting.. Read More.
Federal Agencies Issue Regulations for Implementing the Supercircular
On December 19, 2014, a joint interim final rule implementing the Office of Management and Budget (“OMB”) Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards at 2 CFR 200 (Uniform Guidance), was issued in the Federal Register. This joint interim final rule implements the Uniform Guidance for all federal awarding agencies and brings the Uniform Guidance published by OMB into effect as of December 26, 2014. Although these regulations are effective as of December 26, 2014, they do not apply to non-Federal entities until the entity receives a Federal award with terms and conditions that incorporate the Uniform Guidance on or. Read More.
How Will the New DATA Act Affect You? It’s Not What You Might Think
Signed into law earlier this year, the new Digital Accountability and Transparency Act (DATA Act) impacts federal contractors, subcontractors, grantees (nonprofits and educational institutions), subrecipients and borrowers. An expansion of the Federal Funding Accountability and Transparency Act (FFATA), the DATA Act calls for the establishment of government-wide data standards for financial data to provide consistent, reliable, and searchable spending data on an existing or new website. Additionally, the Act simplifies reporting for entities receiving federal funds. Currently, all federal agencies have their own reporting requirements for spending information which have developed over time. Therefore, it is possible to analyze the. Read More.