Resource Library - GAAP Basis


Keeping current on changing GASB standards and GAAP requirements can be challenging. These SAO checklists, worksheets, guides and best practices can help you assess reporting risks, verify data accuracy, and ensure you have considered all of the significant elements of your financial statements, including complex topics like asset retirement obligations.

Best Practices: Implementing accounting standards

These best practices can help local governments make implementing any new standards from the Governmental Accounting Standards Board (GASB) a regular and manageable part of preparing their financial statements.

Last updated: September 2022

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Checklist: Financial reporting risk assessment

Risk assessments are essential to a strong control environment, allowing you to proactively identify and respond to risks or challenges. This customizable checklist can help local governments identify risks, prioritize them, and determine the appropriate response.

Last updated: June 2022

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Guide: Identifying asset retirement obligations

This guide offers tips and suggestions to help local governments reporting under GAAP identify possible asset retirement obligations (AROs) in accordance with Governmental Accounting Standards Board (GASB) Statement No. 83.

Last updated: October 2020

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Checklist: Preparing financial statements (GAAP)

This customizable checklist can help local governments reporting under GAAP ensure they do not miss important steps when preparing their financial statements.

Last updated: March 2023

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Best Practices: Tracking capital asset information

These best practices and other suggestions can help local governments improve their methods for identifying and tracking capital assets in a financial reporting system. These best practices are intended for governments that report using generally accepted accounting principles (GAAP).

Last updated: January 2018

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Checklist: Capital assets

Local governments can use this checklist to help ensure accurate and complete capital asset reporting at year-end, or to improve policies, processes and internal controls. It’s for GAAP entities only.

Last updated: January 2022

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