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01/11/2019

Focus on Public Sector: GASB Posts Proposed Implementation Guide on Fiduciary Activities


In January 2017, the Governmental Accounting Standards Board (GASB) issued Statement No. 84, Fiduciary Activities (Statement).  The requirements of the Statement are effective for reporting periods beginning after December 15, 2018 (i.e., December 31, 2019 year ends and fiscal years ending in 2020).

09/04/2018

Focus on Public Sector: SEC Adds Two New Continuing Disclosure Requirements


On August 20, 2018, the Securities and Exchange Commission (SEC) adopted amendments to SEC Rule 15c2-12, which identify two new events requiring disclosure with the Municipal Securities Rulemaking Board (MSRB) via the EMMA system within 10 business days of their occurrence.

01/11/2018

Focus on Public Sector: Highlights from the Tax Cuts and Jobs Act


The Tax Cuts and Jobs Act (the Act) was signed by President Trump on December 22, 2017. The following are highlights that have some implications for state and local governments. As with past tax acts, there are likely to be “technical corrections” passed in future legislation. While technical corrections are often minor, occasionally the changes are material.

09/13/2017

Focus on Public Sector and Not-For-Profits: 2017 Compliance Supplement


On August 14, 2017, the Office of Management and Budget (OMB) announced the release of the 2017 OMB Compliance Supplement. The compliance supplement contains the policies and procedures required to be followed by federal, state and local entities in regards to expending federal funding and the procedures required to be performed by auditors when conducting the single audit over these federal programs.

05/17/2017

Focus on Public Sector, Not-For-Profit and Colleges & Universities: Extension of Grace Period for Uniform Guidance Procurement Rules


On May 17, 2017, the Office of Management and Budget (OMB) published a notice in the Federal Register which provides an additional one-year extension of the grace period permitting recipients of federal funds to delay implementation of the procurement requirements found in the OMB’s Uniform Guidance.

05/10/2017

Focus on Public Sector and Colleges & Universities: Time to Plan for Recently Issued GASB Statements


In early 2017, the Governmental Accounting Standards Board (GASB) issued two new accounting standards in order to clarify how governmental entities report fiduciary activities and to address various miscellaneous accounting issues related to blending component units, goodwill, fair value measurement and postemployment benefits.

07/19/2016

Focus on Public Sector, Not-For-Profit and Colleges & Universities: New DCF Changes and Related Filing Extensions


On July 19, 2016, the U.S. Office of Management and Budget (OMB) released the newest version of the Data Collection Form (DCF) which incorporates changes that were needed to conform to the Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards included in 2 CFR 200 (Uniform Guidance).

12/28/2015

Focus on Public Sector: Government Finance and Accounting


Within the last week, multiple events have occurred that will affect public sector entities nationwide. Notably, the Federal Reserve, displaying optimism with regards to the U.S. economy’s growth prospects, announced that it would be raising short-term interest rates for the first time since 2006.

08/28/2015

Focus on Public Sector: Additional Disclosures for Government Tax Incentives Now Required


On August 14, the Governmental Accounting Standards Board (GASB) issued Statement No. 77 (Statement 77), Tax Abatement Disclosures. The purpose of this statement is to provide financial statement users with further information related to a government’s tax abatement agreements.

07/21/2015

Focus on Public Sector: GASB Releases Exposure Draft on Accounting For Irrevocable Split-Interest Agreements


On June 2 the GASB issued an exposure draft that provides guidance for irrevocable split-interest agreements.  Split-interest agreements are a specific type of giving arrangement used by donors to provide resources to two or more beneficiaries, including governments. Split-interest agreements can be created through trusts or equivalent arrangements under which a donor transfers resources to an intermediary to hold and administer for the benefit of the government and at least one other beneficiary.

07/07/2015

Focus on Public Sector: GASB Issues Statements Significantly Modifying Financial Reporting for Other Post-Employment Benefits (OPEB)


While the implementation of Governmental Accounting Standards Board (GASB) Statement No. 68 (Statement 68), Accounting and Financial Reporting for Pensions, is currently top-of-mind for many governments this year, the GASB continues to issue new statements that also will significantly impact financial reporting for governments.  In particular, two recent statements addressing other post-employment benefits (OPEB) will dramatically change the way that OPEB is accounted for and presented within governmental financial statements.

09/09/2014

Focus on Public Sector: GASB OPEB Exposure Drafts


The Governmental Accounting Standards Board (GASB) intends to make sweeping changes to the way governments account for other-post employment benefits (OPEB), similar to GASB’s recent changes to the way governments account for pension plans.

04/30/2014

Focus on Public Sector: AICPA Offering Webcasts on GASB Pension Standards Implementation Issues


Because GASB Statement 68, Accounting and Financial Reporting for Pensions—an amendment of GASB Statement No. 27, will significantly change how employers participating in cost-sharing plans account for and report pension amounts, the AICPA’s Governmental Audit Quality Center is offering two webcasts to members and non-members.

04/01/2014

Focus on Public Sector, Colleges & Universities:  GASB Votes Not to Delay the Implementation of Statement No. 68


On March 24, 2014, the Governmental Accounting Standards Board (GASB) voted unanimously not to delay the implementation of GASB Statement No. 68, Accounting and Financial Reporting for Pensions.  

07/19/2013

Focus on Public Sector & Not-For-Profit: OMB Proposes Changes to Single Audits


Earlier this year, the U.S. Office of Management and Budget (OMB) proposed a number of significant changes to the way Single Audit engagements will be conducted going forward.

02/07/2013

Focus On Not-For-Profits, Public Sector and Colleges and Universities: OMB Proposes Changes to Single Audit Requirements


On January 31, 2013, the U.S. Office of Management and Budget (OMB) issued Proposed OMB Uniform Guidance: Cost Principles, Audit, and Administrative Requirements for Federal Awards, a publication which contains proposed regulations that would significantly modify the requirements associated with Single Audits conducted pursuant to OMB Circular A-133.

06/26/2012

Focus On Public Sector: GASB Approves Issuance of New Pension Accounting and Financial Reporting Standards


On June 25, The Governmental Accounting Standards Board (GASB), voted to approve two new standards that will substantially improve the accounting and financial reporting of public employee pensions by state and local governments.

03/12/2012

Focus On Public Sector: OMB Issues Proposed Rule Changes For Single Audits and Grant Administration


Since 2009, the current administration has issued a number of memorandums with a common theme of maintaining accountability over the $600 billion in federal grants spent each year, while at the same time reducing the onerous requirements that have not necessarily produced better outcomes.

11/21/2011

Focus on Public Sector: Repeal of the 3% Withholding


President Obama signed legislation today, November 21, 2011, repealing the 3% government contractor withholding requirement. The withholding requirement was added as part of the Tax Increase Prevention and Reconciliation Act of 2005 and would have mandated that all federal, state and local governments with total annual expenditures of $100 million or more withhold 3% on all government payments for products and services.

10/05/2011

Focus on Public Sector & Not-For-Profit: 2011 OMB Compliance Supplement and FFATA


In March 2011, the Office of Management and Budget (OMB) issued the 2011 edition of the A-133 Compliance Supplement. The supplement is effective for Single Audits of fiscal years beginning after June 30, 2010, and it supersedes the 2010 Compliance Supplement. 

08/23/2011

Focus on Public Sector: GASB Issues Statements No. 63 & 64


In June 2011, the Governmental Accounting Standards Board (GASB) issued two new pronouncements.

08/10/2011

Focus on Public Sector: GASB’s Proposed Changes to Pension Accounting


On June 27, 2011 the Governmental Accounting Standards Board (GASB) issued exposure drafts of two statements that will supersede existing guidance on financial reporting for defined benefit pension plans.

03/24/2011

Focus on Public Sector: Begin Planning for GASB Statements No. 61 and No. 62


A few weeks ago, RubinBrown provided summary guidance on Governmental Accounting Standards Board (GASB) No. 59 and No. 60. This alert provides similar information regarding Statements No. 61 and No. 62.

03/17/2011

Focus on Public Sector: Begin Planning for GASB Statements No. 59 and No. 60


The Governmental Accounting Standards Board (GASB) issued Statements No. 59 and No. 60 in late 2010.

12/16/2010

Focus On Public Sector: Missouri’s Energy Revolving Fund


Now in its 21st year, the Energy Revolving Fund has saved an estimated $117 million in energy costs for Missouri’s schools, universities, and government buildings.

12/06/2010

Focus On Public Sector: New Three Percent Withholding For Government Entities


Starting on January 1, 2012, all Federal, state, and local government entities will be required to withhold tax at a rate of three percent from payments for property or service, deposit these withholdings with the IRS, and report them to the IRS and the payees. The requirement was originally set to go into effect in 2011 but was delayed for a year.

04/01/2010

Focus On Governmental Accounting: GASB Issues Exposure Draft On Accounting for Component Units


The Governmental Accounting Standards Board (GASB) recently issued an Exposure Draft (ED) of a proposed Statement, The Financial Reporting Entity. The proposed Statement would amend GASB Statements No. 14 and No. 34 to improve guidance for the inclusion, presentation, and disclosure of information about component units and equity interest transactions of a governmental entity.

03/10/2009

Focus On Public Sector: GASB Issues New Statement on Fund Balance Reporting


On March 11, 2009 the Governmental Accounting Standards Board (GASB) issued GASB Statement No. 54, Fund Balance Reporting and Governmental Fund Type Definitions. Statement 54 is intended to provide financial report users information about fund balance by making available more structured fund balance classifications, and by clarifying the definitions of existing governmental fund types.

01/11/2009

Focus On Public Sector: Detecting And Deterring Fraud In Local Governments


When one thinks of fraud, the corporate sector is typically the segment of the economy that first comes to mind. Fraud schemes at Enron, WorldCom and other companies have grabbed the headlines during the last decade, and in the process they have cost investors billions and resulted in major accounting overhauls, including the adoption of the Sarbanes-Oxley Act.

08/26/2008

Focus On Public Sector: OMB Issues New Data Collection Form and Online Instructions


Every 3 years the Office of Management and Budget has the opportunity to revise the Data Collection Form (the Form or DCF) used for submitting to the Federal Clearing House A-133 report packages.

07/22/2008

Focus on Public Sector: GASB Issues Statement No. 53


The use of derivatives in the Public Sector is becoming more common, specifically when it comes to issuing variable rate long-term debt. These financial arrangements are often highly complex and require specialized knowledge, but can be useful to governments by more effectively and predictably managing their exposure to a specific risk.