CCMA, the California Committee on Municipal Accounting, has issued a white paper to provide accounting and financial reporting guidance to local governments affected by the State of California's borrowing of local property taxes under the emergency suspension of Proposition 1A. The paper addresses accounting issues both for agencies that participated in the securitization program as [...]
In 1991, the League of California Cities presented in its publication entitled Article XIII-B Appropriations Limitation Uniform Guidelines an example of the wording recommended by the League to be used to report the performance of certain procedures applied to the computation of the statutory appropriation limitation. In 1997, the form of reporting for such engagements [...]
The Governmental Accounting Standards Board (GASB) issued Statement 27 (November 1994) to establish measurement, recognition, and display standards for pension expenditures/expense and related liabilities, assets, note disclosures, and, if applicable, required supplementary information in the financial reports of state and local governmental employers. Reporting requirements for pension trust funds of employers are included in [...]
On occasion, a local government may request that its auditor perform specific additional procedures relating to its investment portfolio. In 1997, a CCMA white paper was published to provide guidance on the recommended form of reporting for such engagements. In 2001, the Auditing Standards Board withdrew the auditing standard that addressed engagements to perform agreed-upon [...]
The Governmental Accounting Standards Board (GASB) issued Statement No. 33 in December 1998, which addresses reporting the results of nonexchange transactions by state and local governments. In a nonexchange transaction, a government gives (or receives) value without directly receiving (or giving) equal value in return.
The Governmental Accounting Standards Board (GASB) issued Statement No. 34 in June of 1999, which established new financial reporting requirements for state and local governments throughout the United States. These new requirements were developed to enhance the understandability and usefulness of the external financial reports of state and local governments to the citizenry, legislative and [...]
In May 2004, GASB issued GASB Statement No. 44, Economic Condition Reporting: the Statistical Section. GASB No. 44 significantly changes the content and presentation of the information repOlied in the statistical section of a Comprehensive Annual Financial Report (CAFR).
In March 2003, GASB issued GASB Statement No. 40, Deposit and Investment Risk Disclosures. GASB No. 40 is effective for periods beginning after June 15, 2004 (i.e., years ending June 30, 2005 or later). GASB No. 40 adds to and changes certain of the financial statement disclosure requirements for cash and investments of local governments. [...]
The Governmental Accounting Standards Boards (GASB) issued Statement 45 (June 2004) (OPEB) to establish measurement, recognition, and display standards for postemployment benefits other than pensions (OPEB) expenditures/expense and related liabilities, assets, note disclosures, and, if applicable, required supplementary information in the financial reports of State and local governmental employers. Reporting requirements for OPEB trust funds [...]