Winter 2011
Posted January 26, 2011
In this issue:
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Governments accept certain responsibilities when they agree to act as a pass-through entity. By improving communication with recipient entities they can save time and create a better granting experience.
Many investment funds, pension plans and other post-employment benefit plans have seen a significant decline in their fair values. Accounting standard-setters have established a hierarchy for determining the methodology that should be used to establish the fair value of these plans.
GASB (Government Accounting Standards Board) Statement No. 54, which is effective for periods beginning after June 15, 2010, changes the way governments report fund balances. Governments should have already started reviewing policies and procedures related to the reporting of restricted, committed and assigned fund balances.
