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Government

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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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 sday@cbh.com . 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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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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GASB Issues New Guidance for Pension Accounting Standards

The Governmental Accounting Standards Board (“GASB”) has issued guidance to improve consistency regarding the application of its recent pension standards. GASB Statement No. 82, Pension Issues, addresses implementation issues concerning: GASB No. 67, Financial Reporting for Pension Plans; GASB No. 68, Accounting and Financial Reporting for Pensions; and GASB No. 73, Accounting and Financial Reporting for Pensions and Related Assets That Are Not Within the Scope of GASB Statement 68. Specifically, the amendments focus on the presentation of payroll upon which pension plan contributions are based in the supplementary information of financial statements. The new guidance also clarifies that a. Read More.

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