The Federal Audit Clearinghouse (FAC) serves as the central repository for audits of federal awards. Recently, the FAC has undergone significant updates aimed at enhancing its functionality and accessibility. The FAC transitioned from the U.S. Census Bureau (Census) to the U.S. General Services Administration (GSA) on October 2, 2023.
This article is relevant to entities following generally accepted accounting principles as issued by the Government Accounting Standards Board (GASB). In general, this article does not apply to for-profit or non-profit entities. Most governments have put the final polishing touches on their implementation of GASB 87 – Leases. So, it’s…
In order to provide some temporary relief to governments during the COVID-19 pandemic, the Governmental Accounting Standards Board (GASB) passed Statement No. 95, which is effective immediately and provides extensions to many upcoming standards. The following standards are postponed by one year from their original effective date: Statement No. 83,…
The Yellow Book, which covers the Generally Accepted Government Auditing Standards (GAGAS), was revised in July 2018 and supersedes the 2011 version. This new version is applicable for financial statement audits and attestation engagements (examinations, reviews, and agreed-upon procedures) for periods ending on or after June 30, 2020. It is…
Nonprofit and governmental accounting can be complex. One way to simplify your accounting process is to have fewer funds and accounts. A cumbersome chart of accounts can lead to more work, from needing to group the transactions within the accounts as well as to read/understand the accompanying financial statements.
Tax increment financing districts, often referred to as TIDs or TIFs, are used to increase economic development to an area, provide an opportunity for developers, as well as increase property tax revenue to counties, cities, and schools, which in turn, can benefit citizens. This article will not address the legal…
After several years of extensions, the new components of the procurement compliance requirement are finally applicable. What does this mean for governmental and non-profit entities? Any governmental or non-profit entity expending federal dollars is required to follow the new components of this compliance requirement. The new components are effective for…
