Nothing is more synonymous with accounting and finance than the monthly reconciliation. Recall even your most basic memory of “finance,” and the importance of balancing your personal checkbook. This essential control activity to government finance not only ensures that banking and accounting records are accurate, but is also a component of identifying unusual transactions that might result from fraud.
Accounting and reporting standards and guidance for leases are changing for both GAAP and cash basis local governments, effective for fiscal years ending December 31, 2020, and after.
Although you won't be preparing your financial statements and notes until early 2021, those first lease payments under the new standard will begin to flow in January 2020. Will you be ready?
Accounting and reporting principles are changing
Segregation of duties, or separating conflicting duty assignments in your government, can help protect your local government's assets. But which duties do you segregate, and what are your options if you cannot feasibly do this? What if you are a very small entity with limited resources?
By the Center for Government Innovation
Estimated reading time: 2 minutes
The Center for Government Innovation has published two new resources to help local governments identify best practices for two different, but possibly related areas: credit card programs and travel expenditures.
Credit card programs
Originally published July 26, 2019
Updated October 28, 2024
This blog post was originally published in July 2019, but we've recently updated the Identifying Asset Retirement Obligations Guide. You can find the new Guide in SAO’s Resource Library. We've also updated the links in this post for your convenience.
Here’s what’s new in the Guide:
While talking with community members in Kitsap County recently, State Auditor Pat McCarthy was asked, “Where does the State Auditor's Office money come from, and where does it go?”
YAKIMA – The Office of the Washington State Auditor published two audits of the City of Wapato today, documenting significant violations of government standards.
Estimated reading time: 3 minutes
Governments in Washington must exercise care when creating and implementing programs to compensate employees beyond their base salary.
Set of modern electronic devices, computer laptop, digital tablet and mobile smart phone on wooden table
Recently, the Performance Center provided several resources on accounting for capital assets to help local governments with financial reporting. Another group of assets, which fall below a government's capitalization threshold, should also be considered when establishing and evaluating asset policies and other internal controls. In Washington, we frequently refer to these as “small and attractive assets,” but they these could be described using different terminology.