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- Travel Reimbursements – Tips for Uncommon Scenarios
- Why Segregation of Duties Matters in an IT Environment
- Don’t Hold Your Breath: Why Water and Wastewater Rates in Arizona Aren’t Falling Anytime Soon
- Do Your Due Diligence!
- What Happens When Cash Isn’t Reconciled
- Adjacent Ways Projects: Capitalize or Expense?
- Excel Made Easy – VLOOKUP and XLOOKUP
- Physical Inventory Considerations
- I Submitted a December Budget Revision, Now What?
Tag Archives: government
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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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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GASB Statement No. 100 – Part I
The GASB statements hit the century mark with the issuance of GASB Statement No. 100, Accounting Changes and Error Corrections. The statement amended GASB Statement No. 62 and is effective for fiscal years beginning after June 15, 2023, and all … read more
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Tagged accounting, auditing, Christopher Heinfeld, financial statements, GASB, government, school districts
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Single Audit Threshold Changes
In April 2024, the Office of Management and Budget (OMB) raised the Single Audit threshold from $750,000 to $1,000,000, a change that significantly impacts non-federal entities such as state and local governments and non-profit organizations. This increase, effective for fiscal … read more
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Tagged Arizona, expenditures, Federal program, government, grants, James Shankland, nonprofit, NPO, OMB, Single Audit, single audit threshold changes
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How to Write an Effective Corrective Action Plan
Your entity is near the end of the audit process, and you can see the light at the end of the tunnel. Unfortunately, there is one roadblock—the entity received a significant deficiency or material weakness finding in the report and … read more
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Tagged audit findings, corrective action plan, government, internal controls, Katherine Shell, nonprofit, NPO, Single Audit
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