The fiscal year ended June 30, 2026 will see the implementation of two new Governmental Accounting Standards Board (GASB) Statements and a revision to the Uniform Guidance. The most significant changes will come with the implementation of GASB Statement No. 103 Financial Reporting Model Improvements. This statement was designed to clarify operating and nonoperating items...
keep readingElizabeth Thyer, CPA, Partner One of the issues facing our clients last year was the Opioid Settlement. The State of Iowa and counties within the state settled claims relating to the misleading and fraudulent conduct of certain prescription drug companies and pharmaceutical distributors. Local governments began receiving settlement payments during the fiscal year ended June...
keep readingElizabeth Thyer, CPA, Partner Coronavirus State and Local Fiscal Recovery Funds were awarded to municipalities in March 2021 to be used for responding to the public health emergency or to its negative economic impact, to provide premium pay to essential workers, to replace lost revenues and to make necessary investments in water, sewer or broadband...
keep readingElizabeth Thyer, CPA, Partner One of the hot topics from the audits last year was the Gift Law. Chapter 68B of the Code of Iowa prohibits public officials and employees from accepting or soliciting gifts from anyone defined as a restricted donor. Even if the public official or employee has a long-standing relationship or friendship...
keep readingWhat’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...
keep readingIt 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...
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