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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 . 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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GASB Issues Implementation Guide No. 2016-1

The Governmental Accounting Standards Board (“GASB”) has published Implementation Guide No. 2016-1, Implementation Guidance Update–2016 (Implementation Guide), to address questions concerning newly issued GASB Statements on fair value and tax abatement disclosures. Effective for reporting periods starting after June 15, 2016, the Implementation Guide also covers issues on other topics the GASB has been made aware of, and reinstates previous questions and answers that were updated for recently issued standards on pensions and other postemployment benefits. Implementation Guide No. 2016-1 is available on the GASB Web site.

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2016 Government Benchmarking Survey Participant Winners

Thank you to all those who participated in our 2016 Benchmarking Survey. We appreciate your time and look forward to sharing the results in the coming weeks. Congratulations to our drawing winners: Leslie Gaylord, Town of Weddington, NC Jennifer Cabuay, City of Virginia Beach, VA Theresa Owens, City of Poquoson, VA Jim Delach, City of Brooksville, FL Teresa Cantore, City of Delray Beach, FL


GASB Issues Standard for Irrevocable Split-Interest Agreements

Yesterday, the Governmental Accounting Standards Board (“GASB”) issued GASB Statement No. 81, Irrevocable Split-Interest Agreements. Statement No. 81 addresses when irrevocable split-interest agreements represent an asset for reporting purposes when the resources are managed by a third party. The standard also offers guidance for situations in which the government is the asset holder. GASB Chairman David Vaudt said the guidance will lead to more consistent accounting for irrevocable split-interest agreements and give users access to more comparable information. Government entities are required to apply the new guidance retroactively for reporting periods beginning after December 15, 2016. Early application is encouraged.. Read More.

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