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Government

Quiz Tests Knowledge of Yellow Book and Single Audits

Available on the Journal of Accountancy website is a quiz on audit engagements performed under Government Auditing Standards (“Yellow Book”) and Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Created by the American Institute of Certified Public Accountants Professional Ethics Division, the quiz aims to test how much auditors know about governmental auditing and single audits. Take the quiz on the Journal of Accountancy website.

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President’s Management Agenda Issued

President Trump has released a Management Agenda that outlines a long-term vision for achieving the following objectives: Modernize the U.S. government in key areas. Improve agencies’ ability to execute mission outcomes. Offer excellent service. Conserve taxpayer dollars. The President’s Management Agenda also includes Cross-Agency Priority Goals for resolving issues that intersect several federal agencies, accompanied by strategies for reaching those goals. One particular goal, Results-Oriented Accountability for Grants , aims to improve how the federal government delivers results to taxpayers. A corresponding strategy document has been released detailing three main components of this goal, such as identifying practices and data tools to allow agencies to incorporate. Read More.

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2018 Local Government Benchmarking Survey Results

Cherry Bekaert is pleased to present the results of our 7th Annual State and Local Government Benchmarking Survey. Based on the feedback from over 150 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: Retirement was the most common factor attributed to turnover 83% of respondents indicated salaries. Read More.

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GASB Creates Web Page for Revenue and Expense Recognition

The Governmental Accounting Standards Board (“GASB”) has established a web page offering educational materials for its Invitation to Comment, Revenue and Expense Recognition. Such materials include several videos, a recorded webcast, a fact sheet, and the Invitation to Comment. Visit GASB.org to access the educational webpage.  Please note that comments on the Invitation to Comment are due Friday, April 27.

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GASB Chairman Discusses Ongoing Projects

In his latest “From the Chairman” article, Governmental Accounting Standards Board (“GASB”) chairman David Vaudt opens up about three projects the board is working on this year. The efforts cover the financial reporting model, revenue and expense recognition, and pre-agenda research on existing note disclosures. Vaudt says these projects will help reshape accounting and financial reporting for state and local governments, impact how revenue and expense are recognized in governments’ financial statements, and enable financial statement users to understand such statements better. Read Vaudt’s “From the Chairman” article on GASB.org.

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Implementing GASB’s Fiduciary Activities Guidance

It has been a year since the Governmental Accounting Standards Board (“GASB”) issued GASB Statement No. 84, Fiduciary Activities , which helps classify fiduciary activities for financial reporting reasons. With the guidance going into effect for reporting periods starting after December 15, 2018, the GASB has released an article to help state and local governments prepare for implementing the new requirements. Visit GASB.org to read more about implementing the new fiduciary activities guidance.

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