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Tag Archives: financial statements
Preparing for GASB 101: Key Steps for a Smooth Transition
So, by now you’ve all heard time and time again about the changes imminently hitting your compensated leave calculations, and what likely will change: estimating leave used versus paid out versus lost, what types of leave are significant, etc, as … read more
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Tagged accounting, audit, Cameron Kolb, Cami Kolb, compensated abenses, financial statements, GASB, GASB 101, government, Heinfeld Meech, HeinfeldMeech, school district
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USFR Account Changes for Equipment Thresholds
The Arizona Auditor General has recently updated the Chart of Accounts in the Uniform System of Financial Records for Arizona School Districts (USFR) to allow for easier federal reporting for capital purchases. This Chart of Accounts change is effective July … read more
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Tagged Arizona, assets, compliance, equipment, Federal, financial reporting, financial statements, inventory, Kara Curtis, OMB, purchasing, school districts, USFR
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Understanding GASB Statement No. 102: A New Standard for Government Risk Disclosures
When most people think about government finances, they picture massive budgets, taxpayer funding, and line-item spending on everything from roads to education. But behind the scenes, there’s another critical piece of the puzzle: risk. That’s where GASB Statement No. 102: … read more
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Tagged Arizona, Cristina Oropeza, financial statements, GASB, GASB 102, risk disclosure, school district
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GASB Statement No. 100 – Part II
In the previous article here, we discussed an overview of GASB Statement No. 100. However, in this article, we will focus on the logistics of a change within the financial reporting entity caused by a change in major funds, and … read more
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Tagged accounting, Christopher Heinfeld, financial statements, GASB, government, major funds, school district
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GASB 103: Turning Numbers into Digestible Narrative in Your MD&A
Given my chosen career, I read a lot of financial statements, and I can tell you firsthand that some are more interesting than others. While the statements alone can paint a picture, it is the story that accompanies the statements … read more
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Tagged ACFR, Arizona, audit report, financial statements, GASB, government, Jennifer Shields, MD&A, public entities, school district
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Understanding the Latest GASB Audit Updates: What You Need to Know About Statement 101
Why the Change? The goal of GASB 101 is to standardize and clarify the accounting treatment of compensated absences, ensuring consistent recognition of leave-related liabilities across governmental entities. These changes are meant to enhance transparency and comparability in financial reporting. … read more
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Tagged accounting, Brittney Williams, compensated absences, employee leave, financial statements, GASB, GASB 101, government
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Managing Grant Balances
Arizona school districts receive various federal and state grants each year. Almost all these grants operate on a cost reimbursement basis, meaning funds are expended by the district on allowable and budgeted costs, and then a reimbursement request is submitted … read more
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Tagged accounting, Arizona, compliance, financial statements, grants, Kristen Conway, school district, USFR, year-end balance
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