The straight line

Category Archives: Municipalities

GASB 54 Fund Classifications

Beginning in fiscal year ending June 30, 2011, governments are required to separately identify amounts that are non-spendable. All other amounts will be classified according to resource constraints. The new classifications are as follows:

keep reading

Red Flags Rule… Finally.

The red flags rule may actually go into affect on December 31, 2010. The Rule was originally supposed to become effective on January 1, 2008, with full compliance required by November 1, 2008. The FTC or Congress has delayed enforcing the Rule a couple of times in the last two years.

keep reading

Update on GASB No. 54

In March of 2009, the Governmental Accounting Standards Board (GASB) issued Statement No. 54, significantly changing the requirements for reporting governmental funds balances beginning in fiscal year ending June 30, 2011. The new statement clarifies the definitions of individual governmental funds and changes some of the activities reported in certain special revenue funds.

keep reading