Thought Leadership

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GASB Update No. 84: Identifying and Reporting Fiduciary Activities

To improve guidance for state and local government fiduciary funds reporting, the Government Accounting Standards Board (GASB) issued Statement No. 84, Fiduciary Activities in January 2017. That statement is effective for all fiscal years beginning after December 15, 2018, so cities, schools,…

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Going Beyond the Numbers with Quality of Earnings Reports

A Quality of Earnings (QOE) report allows potential buyers in mergers and acquisitions to evaluate seller’s reported earnings, ensuring their accuracy and sustainability. Sellers can also obtain their own QOE reports to spot potential problems that might derail a transaction, and identify methods…

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Cash Under Control: Four Steps for School Districts

From the football concession stand to the kindergarten teacher collecting field trip money, cash can be a controller’s nightmare. But it doesn’t have to be. Some thoughtful planning and a little bit of employee and volunteer training can go a long way to keeping your district out of trouble — and…

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FASB Considers Changing Acquired Goodwill Accounting

Goodwill is an acquired intangible asset which, if it decreases in value, can affect earnings. Currently, the Financial Accounting Standards Board (FASB) is considering whether to alter the subsequent public company accounting of goodwill and other acquired intangible assets, as well as soliciting…

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The New Lease Accounting Rules Are Here, Are You Ready?

Operating leases will move onto the balance sheet with the new lease accounting rules implementation. At the beginning of this year, public companies started using Accounting Standards Update No. 2016-02, Leases. Private companies must apply the updated guidance for fiscal years beginning after…

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Saying Farewell to LIBOR

Many companies pay interest on variable rate loans, based on the London Interbank Offered Rate (LIBOR). In response to a series of scandals in which regulators uncovered banks colluding in attempt to manipulate LIBOR and profit from financial instruments supported by LIBOR, LIBOR will phase out by…

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