What’s new for the audit of the financial statements for the year ended June 30, 2022? Governmental entities will be implementing Governmental Accounting Standards Board (GASB) Statement Number 87 – Leases for the fiscal year ended June 30, 2022. Per GASB Statement Number 87, a lease is defined as a contract that conveys control of...

It is likely that many of our governmental clients will be required to prepare a Schedule of Expenditures of Federal Awards and will have a Single Audit as required by Title 2, U.S. Code of Federal Regulations, Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards (Uniform Guidance) after the expenditure...

The Governmental Accounting Standards Board has issued Statement No. 87 – Leases. This Standard was originally to be effective for reporting periods beginning after December 15, 2019, but was deferred to periods beginning after June 15, 2021 due to the COVID-19 pandemic. GASB Statement No. 87 requires the recognition of certain lease assets and liabilities...

The Governmental Accounting Standards Board (GASB) has issued Statement No. 84, Fiduciary Activities and this new standard will be implemented for the fiscal year ending June 30, 2020. This standard changes the definition of a fiduciary activity, establishes criteria for identifying fiduciary activities, and establishes reporting standards for fiduciary activities. One of the major changes...

The Governmental Accounting Standards Board (GASB) has issued Statement No. 84 Fiduciary Activities, effective for the fiscal year ended June 30, 2020. The goal of this Statement is to enhance the consistency and comparability of fiduciary activity reporting. This statement establishes criteria for identifying fiduciary activities and determines how fiduciary activities should be reported.  The...

The Governmental Accounting Standards Board (GASB) has issued two new statements that will be implemented for the fiscal year ending June 30, 2019. The first is GASB Statement No. 83, Certain Asset Retirement Obligations (GASB 83). This statement establishes the accounting and financial reporting standards for legal obligations to retire certain assets. For this standard...