- Two new revenue procedures mean major modifications for accounting method changes.
- 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.
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