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.
Measurement Date Clarity Requested for Reporting Pension Liabilities
As state and local governments prepare financial reports for their pension plans to comply with Government Accounting Standards Board (“GASB”) Statement No. 67, Financial Reporting for Pension Plans—an amendment of GASB Statement No. 25, and No. 68, Accounting and Financial Reporting for Pensions, several accountants are still confused which measurement date to use for recording liabilities. The issue was a hot topic among attendees at this week’s Government Accounting and Auditing Update Conference, attended by Cherry Bekaert Partner Patricia Pryor . Discussing the matter, conference attendee Jeff Markert remarked that state and local governments are confused about which date to use because. Read More.
GASB Opens Registration for OPEB Webinars
In the coming weeks, the Governmental Accounting Standards Board (“GASB”) will host two webinars focused on its exposure drafts, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions, and Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans. Aimed for preparers and auditors, Other Postemployment Benefits (OPEB): A CPE Webinar for State and Local Government Financial Statement Preparers & Auditors, is scheduled for Wednesday, July 30th at 1:00 p.m. EST. GASB representatives Dean Mead, Scott Reeser and Michelle Czerkawski, the guest speakers will provide state and local government perspectives on the organization’s recent exposure drafts on OPEB. Targeting. Read More.