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Tag Archives: capital assets
School District Physical Inventory Process
Do you know the last time your district completed a full physical inventory over all assets? Did you know that federal rules require an inventory of equipment to be completed every two years and that state rules require the physical … read more
Posted in Articles
Tagged Alex Cooksey, Arizona, audit, capital assets, consulting, internal control, inventory, physical inventory, school district
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Capital Assets under the Capitalization Threshold
The common understanding under Government Accounting Standards Board (GASB) Statement 34 was that capital items under the capitalization threshold, typically $5,000, were not capitalized and that like items (laptops, furniture) would not be added together to create one asset. However, … read more
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Tagged Arizona, capital assets, capitalization, financial report, GASB, government, inventory, Michael Lauzon, school district, value
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GASB 42 Revisited
As accountants, auditors and consultants, we find ourselves living in a world that seems to change faster than we might be comfortable with. Normally, we focus on the changes that are on the horizon so that we may educate ourselves … read more
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Tagged Arizona, asset impairment, capital assets, CPA firm, financial statement, GASB, government, Jennifer Shields, school district
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The Four C’s of Auditing
I know it feels like we just got out of 2020, one of the most unpredictable years most of us have experienced, but can you believe we are already almost six months into 2021? That means your next audit is … read more
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Tagged audit, audit preparation, capital assets, cash, compensated absences, cutoff, government, NPO, Virlene Cloyd
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Capital Assets – Using Data Analytics to Strengthen Our Audits
Updating and maintaining an accurate capital asset listing is not typically at the top of anyone’s to-do list. However, it is something that is required of your organization and it oftentimes is a lot of work. Most organizations spend the … read more
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Tagged Arizona, audit, capital assets, data analytics, government, Joshua Jumper, school district
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Tips for Effective Capital Asset Reporting for School Districts
As your school district prepares for its upcoming audit, you may be scrambling to get everything in order – including finalizing the District’s general ledger, reconciling cash records to those of the County Treasurer, and of course, preparing capital asset … read more
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Tagged accounting, capital asset reporting, capital assets, compliance, financial statements, inventory, James Shankland, school district, USFR
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Common Financial Reporting Deficiencies and Steps Your District Can Take to Avoid Them
Mistakes happen. Errors are part of life but they can be avoided and risk minimized with some planning. The first step in avoiding mistakes is to learn about the most common errors and determine what type of controls can help … read more
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Tagged accounting, audit, capital assets, cash, financial report, government, internal controls, payroll, school district
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