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Government

GASB to Hold Meetings August 10-12

Beginning Wednesday, the Governmental Accounting Standards Board (“GASB”) will hold a series of meetings at its Norwalk offices. According to the GASB Notice of Meetings , the following topics will be discussed this week: The preballot draft of the proposed Exposure Draft, Certain Debt Extinguishments; The proposed Exposure Draft, Omnibus; Asset retirement obligations; Fiduciary activities; Leases; Financial reporting model; Revenue and expense recognition; and The GASB’s technical plan for the end of 2016. The GASB’s three-day meeting is expected to start Wednesday at 8:30 a.m. ET. With the exception of Thursday evening’s administrative session from 5:15 p.m. – 6:15 p.m. ET, all meeting sessions. Read More.

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GASB Announces New Equity Interest Ownership Consultative Group

Governmental Accounting Standards Board (“GASB”) Chair David Vaudt recently appointed 16 professionals to a new consultative group that will help the board’s research examine equity interest ownership of legally separate businesses. The consultative group members serve various positions and include state auditors, college professors, accounting firm partners and managers, and chief financial officers. The full list of members are available on the GASB website.

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Jeffrey Previdi Appointed to GASB

Credit analyst Jeffrey Previdi has been appointed to the Governmental Accounting Standards Board (“GASB”). Announced by the Financial Accounting Foundation’s Board of Trustees on May 18, the former Standard & Poor’s Rating Services managing director will replace outgoing member William Fish when his service on the Board ends June 30, 2016. Previdi’s term begins July 1, 2016, and will extend through June 30, 2021. At the end of his term, he will be eligible for reappointment to an additional five years.

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GASB Forms Going Concern Consultative Group

The Governmental Accounting Standards Board (“GASB”) has formed a consultative group to assist with its research in the reassessment of the going concern disclosures of GASB Statement No. 56, Codification of Accounting and Financial Reporting Guidance Contained in the AICPA Statements on Auditing Standards. Appointed by David Vaudt, the consultative group will offer guidance and feedback to GASB staff members during the research process, as well as review drafts of the research materials. The full list of the going concern consultative group members is available on the GASB website.

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GASB to Meet in Norwalk This Week

Starting today, the Governmental Accounting Standards Board (“GASB”) will hold a three-day meeting at its offices in Norwalk, Connecticut. According to the GASB Tentative Notice of Meetings , topics expected to be covered next week include debt extinguishments, financial reporting model alternatives for governmental funds, and fiduciary activities. All meeting sessions, with the exception of this evening’s administrative session at 5:15 – 6:00 p.m. EST, are open to the public and will be live streamed on the GASB website .

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2016 Local Government Benchmarking Survey Results

Cherry Bekaert is pleased to present the results of our 5th Annual State and Local Government Benchmarking Survey. Based on the feedback from over 300 survey participants, we are able to share these valuable results allowing government entities to compare their own performance, accomplishments and struggles with similar entities across the Southeast. We hope this report will help you better understand how your peers in the region are responding or planning to respond to a wide range of current issues. Highlights from this year’s results include: Almost 50% of staff turnover experienced in the past year is due to retirement. Read More.

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