We curated this latest issue of our regular newsletter to make it easy to find key information from this blog, all in one place! Please download or share with colleagues who might find it valuable.
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The Overview of Changes contains detailed descriptions of the changes and links to the appropriate sections of the Manuals. Please refer to the Alerts and Changes tab for determining which revisions might affect your 2020 annual reporting.
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You might see some red flags on the Schedule 01 that you haven’t seen before. In previous years, you might have received a yellow flag with the error message: “This BARS account may not be allowable in this fund type.” Starting in 2021 (reporting year 2020), we have changed this yellow flag to a red flag. To help local governments with this new error message, we have compiled a list of all BARS accounts that will be affected and their applicable fund types. Red flags must be corrected before submitting your annual report.
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The BARS Manuals (GAAP and cash) are being updated beginning today. During the updates, sections of both online BARS Manuals will be unavailable for use.
… CONTINUE READING → The BARS Manuals (GAAP and cash) are being updated beginning December 14. During the updates, sections of both online BARS Manuals will be unavailable for use.
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Did you know there are over 1,400 codes in the chart of accounts of the Budgeting, Accounting, and Reporting System (BARS) Manuals for GAAP and cash-basis governments? One of these, code 3480000 Internal Service Fund Sales of Goods and Services, may be used only in particular circumstances.
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The Budgeting, Accounting and Reporting System (BARS) Manuals for GAAP and cash basis governments have been updated and are available on our website at www.sao.wa.gov/, under “BARS & Annual Filing.”
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The Office of the Washington State Auditor is pleased to announce a new, expanded fall outreach event that takes the place of the BARS Roundtables. The SAO Roadshow will travel to a location near you beginning in October and offer a full day of assistance and training.
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The 2019 Budgeting, Accounting and Reporting System (BARS) update for entities that report using generally accepted accounting principles (GAAP) has a new section on accounting for “contingencies and litigations,” and we encourage you to check it out. It includes a comprehensive chart that will help financial statement preparers more quickly assess potential accounting and disclosure requirements. It also includes guidance on how to handle expected insurance recoveries related to a contingent liability.
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Mark your calendars – we will be offering our Budgeting, Accounting, and Reporting System (BARS) Roundtables again this fall. The Roundtables are free, three-hour sessions that are open to all local governments.
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