CPAs and Advisors with Your Growth in Mind

Government

6th Annual Local Government Benchmarking Survey

What new regulatory issues are most impactful to your entity? How is your entity addressing baby boomer retirement and staffing needs? Is your entity concerned about cybersecurity? Tell us about these issues and more! Speak your mind and let us know what is going on in your local government. The survey should take approximately 15 minutes to complete. Five survey respondents will be randomly selected to win a free week of meals from Blue Apron ! Offer expires March 31, 2017. Recipients will be contacted by email 4 to 6 weeks after the survey closes.

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James Brown and Kristopher Knight Appointed to GASB

The Financial Accounting Foundation’s Board of Trustees announced Tuesday the reappointment of James Brown to the Governmental Accounting Standards Board (“GASB”). A member of the GASB since 2012, Brown is a former partner at a regional, Missouri-based public accounting firm. He also served as the firm’s principal contact with the GASB prior to his departure. This will be Brown’s second term on the GASB. Also on Tuesday, the Board of Trustees appointed Kristopher Knight to the GASB. Knight was previously Delaware’s deputy secretary of state and the director of its Division of Corporations. He will replace outgoing member Jan Sylvis,. Read More.

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New Fiduciary Activities Guidance Issued for Governments

New guidance has been issued by the Governmental Accounting Standards Board (“GASB”) on the categorization of fiduciary activities for financial reporting, how fiduciary activities are to be reported, and when liabilities to beneficiaries must be disclosed. The standard, GASB Statement No. 84, Fiduciary Activities , provides conditions for governments to classify their fiduciary activities. These conditions include determining whether a government controls the assets of the fiduciary activity and the beneficiaries wherein a fiduciary relationship is present. Other criteria are included for recognizing fiduciary component units and postemployment benefit agreements that are fiduciary activities. Any activity that meets the criteria stated in Statement 84 must be. Read More.

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GASB Issues Statement on Asset Retirement Obligations

State and local governments seeking clear and consistent direction on asset retirement obligations received help this week in the form of Governmental Accounting Standards Board (“GASB”) Statement No. 83, Certain Asset Retirement Obligations. The new standard provides governmental entities accounting and financial reporting guidance for determining liabilities and corresponding deferred outflow of resources associated with asset retirement obligations. Per the guidance, an entity legally obligated to carry out future asset retirement activities associated with its tangible capital assets must recognize a liability and a corresponding deferred outflow of resources. GASB Statement 83 also lists the situations that cause these transactions to. Read More.

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GASAC Appoints Four New Members

The Financial Accounting Foundation’s Board of Trustees has appointed the following members to the Governmental Accounting Standards Advisory Council (“GASAC”): Alan Conroy, executive director of the Kansas Public Employees Retirement System Karen Krop, senior director of Fitch Ratings Sue Osborn, mayor of Fenton, Michigan Larry Stafford, audit services manager of Clark County, Vancouver, Washington As GASAC members, they will be part of a 31-person committee offering the Governmental Accounting Standards Board guidance on technical issues, prioritizing projects, and other matters impacting accounting and financial reporting for state and local governments. The new appointees will serve two-year terms effective January 1,. Read More.

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Final Overtime Rule on Hold

A November 22 preliminary injunction has blocked the Final Overtime Rule scheduled to become effective Thursday. Last week’s ruling by Federal Judge Amos Mazzant determined that the Department of Labor overstepped its authority by amending the salary threshold for employees exempt from overtime pay. The overtime rule would have increased the salary level for exempt white collar employees to $913 per week. Nearly two dozen governors and attorneys general challenged the overtime rule. Judge Mazzant sided with the plaintiffs, saying that the Department of Labor could not create a distinct standard for overtime eligibility. The Department of Labor is likely. Read More.

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