Other post-employment benefits (OPEB) update
We're already halfway through 2017, and 2018 is quickly approaching! GASB Statement No.
Local governments
For 4th year in a row, more governments filing financial reports on time
Local governments are required to submit an annual financial report within 150 days after their fiscal year end under state law (RCW 43.09.230). Exhibit 1 illustrates that the number of governments meeting this requirement has increased for the fourth consecutive year. Exhibit 2 illustrates that 228 of the 302 governments that missed the filing deadline also missed the deadline in 2015.
GASB reporting model re-examination project
The Government Accounting Standards Board issued an invitation to comment on January 4 about potential changes to reporting of government funds,
GAAP and Cash Basis BARS manuals have been updated
The GAAP and Cash Basis BARS manuals have been updated and are available on our website at www.sao.wa.gov.
We value local government feedback
The Budgeting, Accounting, and Reporting System (BARS) roundtables are underway in various locations all over the state. Discussion in these free three hour meetings presented by the State Auditor's Office, includes many topics such as: Information on changes to the BARS manual, a preview of requirements for upcoming GASB standards, demonstration of the Financial Analysis Tool (FIT), and discussion of other valuable resources and trainings free to local governments.
Who's using FIT (Financial Intelligence Tool)?
Understanding a government's financial health can be complex.
Name brand procurements versus sole source contracts
Local governments have the ability to specify a name brand during their procurement process.
Preparing for audit: Tips for success
Washington's state and local governments regularly undergo a wide variety of audits with differing objectives.
Keeping up with the GASB
Does it seem like there's always some new accounting standard that needs to be implemented? That's because there is! The Governmental Accounting Standards Board (GASB) issues an average of three new accounting standards a year.
Our Office Provides Resources for Capital Assets Accounting
Accounting for capital assets is an area of difficulty for many governments. General purpose governments have been reporting infrastructure assets for more than a decade because of Governmental Accounting Standard's Board (GASB) Statement No. 34. This pronouncement required the reporting of many more assets than had been previously reported, including some with their own unique challenges such as roads.