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The Audit Connection Blog

Results for: reporting

Spending policy and your new cash-basis fund balance classifications

January 13, 2022

In the spring of 2020, SAO changed the way that cash-basis local governments were to report their cash and investment balances. Gone away were reserved and unreserved classifications and in their place came unassigned, assigned, committed, restricted, and unspendable. This meant a new task was at hand—calculating the amount of total ending cash and investments that fits into these new classifications at the end of each fiscal year. This article helps you understand how a local government’s accounting policies may dictate how to calculate these amounts.

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First page of new resource about identifying asset retirement obligations

Are you ready to identify your asset retirement obligations?

July 26, 2019

Local governments are beginning to implement GASB Statement No. 83 on asset retirement obligations, or ARO’s, which is effective for reporting periods beginning after June 15, 2018. To help local governments begin, the Center for Government Innovation has published a new resource to help you identify asset retirement obligations in Washington.

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Hour glass and calendar concept for time slipping away for important appointment date, schedule and deadline

Changes to fiduciary reporting take effect soon

August 14, 2018

Last fall, we posted an article strongly encouraging governments to start evaluating activities that might be classified as fiduciary activities under the Governmental Accounting Standards Board’s (GASB) recently issued Statement No. 84. The changes to fiduciary activity reporting are right around the corner – effective for reporting periods beginning after December 15, 2018 – and affect not only governments that report under generally accepted accounting principles, but those that report using the cash-basis accounting model as well.

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Hour glass and calendar concept for time slipping away for important appointment date, schedule and deadline

Annual reports deadline draws near

March 26, 2018

May is approaching quickly, and so is the annual report deadline for governments whose fiscal year ends December 31, 2017. These governments’ annual reports are due on
May 30, 2018. State law does not provide for any exceptions, so we are available to help you meet the deadline.

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