The straight line

Category Archives: Municipalities

GASB No.54

The Governmental Accounting Standards Board recently issued Statement No.54, which will significantly change reporting requirements for governmental fund balances. The new statement clarifies the definitions of individual funds and may change the activities reported in a government’s special revenue funds.

keep reading

Red Flags Rule

Enforcement of the rule has been extended to November 1, 2009 to give additional time for developing and implementing written identity theft prevention programs. There are no criminal penalties for failure to comply, however violators may be subject to financial penalties. In addition, compliance assures the entity’s customers that they are doing their part to fight identity theft.

keep reading

Impact of Stimulus Funds on Single Audit

About half of the $770 billion of the economic stimulus funds will be received by governmental bodies and not-for-profit organizations as grant funds, requiring these entities to have single audits performed on the Federal programs

keep reading

Postemployment Benefit Reporting and GASB No.45

Governmental Accounting Standards Board Statement No.45, Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions, issued in 2004, requires governments to recognize and report the cost of postemployment benefits (OPEB) when they are earned, regardless of when they are paid.

keep reading