Cherry Bekaert Responds to GASB Invitation to Comment on Revenue and Expense Recognition
On behalf of Cherry Bekaert Partners, David Bettler, CPA, responded to the Governmental Accounting Standards Board’s (“GASB”) Invitation to Comment, Revenue and Expense Recognition . The comment letter includes the Partners’ answers to the Invitation to Comment questions, such as whether or not the Partners believe the performance obligation/no performance obligation model would be appropriate for classifying transactions and recognizing revenue and expense. Bettler’s comment letter is available on GASB.org.
Implementation Guide Issued for Recent GASB Statements
The Governmental Accounting Standards Board (“GASB”) has released Implementation Guide No. 2018-1, Implementation Guidance Update–2018 , to help state and local governments apply the latest GASB Statements on pensions, other postemployment benefits, the statistical section, regulatory reporting, and tax abatement disclosures. Effective for reporting periods starting after June 15, 2018, Implementation Guide 2018-1 also features amendments to previously issued implementation guidance regarding important topics. Implementation Guide 2018-1 is available on the GASB website.
General Purpose Preparer Checklist Updated
A checklist authored by the Government Finance Officers Association (“GFOA”) to help prepare comprehensive annual financial reports just received an update. General Purpose Preparer Checklist -2018 covers any pronouncements the Government Accounting Standards Board (“GASB”) has issued final documents up to GASB Statement No. 86, Certain Debt Extinguishment Issues. The updated checklist also references GASB Statement No. 84, Fiduciary Activities , even though the standard is not effective yet. One notable change to the GFOA checklist is the format. The complete list of required disclosures is replaced with a new reference tool to help locate any required disclosures in the authoritative literature. The tool will make it easier for preparers to. Read More.
Data Collection Form Revisions Proposed
In a Federal Register notice issued on April 3, the Federal Audit Clearinghouse (“FAC”) is proposing amendments to the Data Collection Form (“DCF”). Titled Proposed Information Collection; Comment Request; Data Collection Form for Reporting on Audits of States, Local Governments, Indian Tribes, Institutions of Higher Education, and Non-Profit Organizations , the notice outlines four significant changes to the Data Collection. The final Form changes would be effective for fiscal periods ending in 2019, 2020 and 2021. Those proposed changes include: Expanding the audit finding information that auditors include in the DCF to contain the audit finding’s actual text; Asking auditors to state whether they sent a written communication to the auditee concerning any non-audit finding issues should be directed to those responsible for governance matters;. Read More.
Quiz Tests Knowledge of Yellow Book and Single Audits
Available on the Journal of Accountancy website is a quiz on audit engagements performed under Government Auditing Standards (“Yellow Book”) and Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Created by the American Institute of Certified Public Accountants Professional Ethics Division, the quiz aims to test how much auditors know about governmental auditing and single audits. Take the quiz on the Journal of Accountancy website.
President’s Management Agenda Issued
President Trump has released a Management Agenda that outlines a long-term vision for achieving the following objectives: Modernize the U.S. government in key areas. Improve agencies’ ability to execute mission outcomes. Offer excellent service. Conserve taxpayer dollars. The President’s Management Agenda also includes Cross-Agency Priority Goals for resolving issues that intersect several federal agencies, accompanied by strategies for reaching those goals. One particular goal, Results-Oriented Accountability for Grants , aims to improve how the federal government delivers results to taxpayers. A corresponding strategy document has been released detailing three main components of this goal, such as identifying practices and data tools to allow agencies to incorporate. Read More.