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Tag Archives: financial report
More Liabilities, Please! Changes to Reporting Compensated Absences under GASB 101
In June 2022, the Governmental Accounting Standards Board (GASB) issued a new standard to update the guidance for reporting on Compensated Absences. GASB 101, Compensated Absences replaces the old standard GASB 16, which was issued over 30 years previously. GASB … read more
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Tagged Brittney Williams, compensated absences, financial report, GASB, governmental accounting, liabilities
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SEFA 101
For organizations requiring a Single Audit, preparing the Schedule of Expenditures of Federal Awards (SEFA) is the first and most crucial step in the process. Without an accurate SEFA, your audit firm will not be able to identify the appropriate … read more
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Tagged annual audit, federal programs, financial report, government, Kristen Conway, nonprofit, NPO, schedule of expenditures of federal awards, SEFA, Single Audit
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What Happened to My County Aid?
July through September of each year are crunch times for Arizona public school districts. Expenditure activity is reviewed in detail to ensure funding sources are being utilized in accordance with laws and regulations and proper fiscal year reporting. Revenue activity … read more
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Tagged Arizona, county aid, financial report, funding, Jared Young, school district
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GASB 87 Leases – Year 2 Trials and Tribulations
Let’s be honest – implementing GASB 87 for leases was no easy task! From reviewing your organization’s agreements, determining incremental borrowing rates, ensuring amortization schedules were accurate for the financial statements and whole host of other things, the process was … read more
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Tagged accounting, Arizona, capital asset, financial report, GASB, government, Joshua Jumper, leases, school district
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Conduit Debt Obligations
Governmental Accounting Standards Board (GASB) Statement No. 91, Conduit Debt Obligations, provides governments a single method of reporting conduit debt obligations, including disclosures guidance. The statement provides a clarified definition of conduit debt obligations which is expected to resolve uncertainty … read more
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Tagged conduit debt, Corey Arvizu, debt obligations, financial report, GASB 91, govermental accounting
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COVID-19 and the Changing Landscape of Single Audits
What hasn’t changed in the last two years in the world? Audits and, in particular, Single Audits are no exception. With over $10.1 billion being granted to Arizona communities in federal award obligations, this marks the greatest influx of federal … read more
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Tagged Arizona, audits, COVID-19, Federal Program audit, financial report, government, grants, nonprofit, NPO, SEFA, Single Audit
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Report Submissions – What Your District Needs to Know
Around this time of year, school districts have to ensure reports are submitted to the appropriate agencies to meet various reporting requirements. A summary of information containing instructions for the most common reporting requirements is as follows: Association of School … read more
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Tagged ACFR, Arizona, ASBO, audit report, awards, bond reporting, EMMA, financial report, GFOA, report submission, Sara Kirk, school district, Single Audit
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