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b y Myron Fisher CPA

b y Myron Fisher CPA. GASB Update. For School Districts. Objectives. GASB 62, 63, 65 & 68 Changes A133 Proposed Changes Yellow Book Revisions. GASB 62. Title:. Codification of Accounting and Financial Reporting Guidance. Effective:. June 30, 2013. GASB 63. Title:.

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b y Myron Fisher CPA

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  1. by Myron Fisher CPA GASBUpdate For School Districts

  2. Objectives • GASB 62, 63, 65 & 68 Changes • A133 Proposed Changes • Yellow Book Revisions

  3. GASB62 Title: Codification of Accounting and Financial Reporting Guidance Effective: June 30, 2013

  4. GASB63 Title: Financial Reporting of Deferred Outflows of Resources, Deferred Inflows of Resources, and Net Position Effective: June 30, 2013

  5. GASB65 Title: Reporting Items Previously Recognized As Assets and Liabilities Effective: June 30, 2014

  6. Sample School District Statement of Net Position June 30, 2013

  7. GASB68 Title: Accounting and Financial Reporting for Pensions Effective: June 30, 2015

  8. $75 Cost sharing employers must recognize a liability for your proportionate share of net pension liability. Million

  9. A133Proposed Changes • Increase Single Audit Threshold from $500k to $750k. • Increase the threshold for Type A/B determination from $300k to $500k. • Percentage of coverage would be changed from 50/25% to 40/20%. • Reduce the number of compliance requirements from 14 to 6.

  10. Yellow Book Revisions Auditeeor Auditor Issue?

  11. Management Functions Safeguards Assume responsibilities Oversee with SKE Evaluate adequacy & results Accept responsibility

  12. Financial Statement Preparation What is the applicable safeguard?

  13. Questions? Contact me at: 1-866-287-9604myron.fisher@baldwincpas.com

  14. by Myron Fisher CPA GASBUpdate For School Districts

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