- The new general requirements of Uniform Guidance and five methods of procurement most closely follow the previous OMB Circular 102, Grants and Cooperative Agreements with State and Local Governments.
- The Society of Actuaries recently released new mortality tables for use by employee benefit plans and plan sponsors when measuring pension obligations. The new tables, RP-2014 (mortality tables) and MP-2014 (longevity improvement scale) will most likely result in higher pension obligations.
- GASB No. 45 outlines current guidance for the accounting and financial reporting of other postemployment benefits (OPEB) by governmental employers.
- Formal documentation of accounting policies and procedures can help your government create an internal control framework and ensure accountability and consistency in daily transactions and for financial reporting.
- The final rules for the Basel III international capital accord, which will be phased in between the beginning of this year and 2019, include some relief for community banks. There are also some changes that affect the capital standards and reporting for community banks.
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