GASB Statement No Clause Samples

GASB Statement No. 34, Basic Financial Statements - and Management's Discussion and Analysis - for State and Local Governments • GASB Statement No. 42, Accounting and Financial Reporting for Impairment of Capital Assets and for Insurance Recoveries • GASB Statement No. 51, Accounting and Financial Reporting for Intangible Assets • GASB Concepts Statement No. 4, Elements of Financial Statements • GASB Staff Comprehensive Implementation Guidance, Chapter 7 • FASB Accounting Standards Codification (ASC)
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GASB Statement No. 85 (GASB 85), Omnibus 2017
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GASB Statement No. 86 (GASB 86), Certain Debt Extinguishment Issues .,_ GASB Statement No. 87 (GASB 87), Leases .,_ GASB Statement No. 88 (GASB 88), Certain Disclosures Related to Debt, Including Direct Borrowings and Direct Placements .,_ GASB Statement No. 89 (GASB 89), Accounting for Interest Costs Incurred before the End of a Construction Period We want to help you evaluate the potential effects of these pronouncements well in advance so you have adequate time to prepare for and apply them. We commit to a continued dialogue with you on significant pronouncements, both prior to and during the implementation process. Integrity First: our client service standards start with it. We believe integrity trumps economics every time. As the business environment evolves and new challenges arise, this commitment will remain the foundation of all that we do. In addition, excellence is one of our firm's core values, and we will never apologize for having high standards in our service to clients. BKD's commitment to audit quality means the Corporation is getting what you pay for-an audit performed by a firm with a track record of high quality, as demonstrated by our AICPA peer reviews and PCAOB inspections In 2018, we published our first annual audit quality report, The Importance of Quality: Our Commitment to Integrity & Excellence. This report provides further insight on our efforts to maintain quality, including: .,_ Audit requirements .,_ Technical ability and leading the process
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GASB Statement No. 3. Pooled investment funds, like the LGIP, are recognized as an investment type under GASB Statement No.3; which states that if a governmental entity invests in a Pool managed by another government, no disclosure of the individual deposits and investments of the Pool nor disclosure of the credit risk category is required by the participating public entity. These disclosures are provided in the audited financial statements of the County. Investment in the County portfolio (LGIP) should be treated as an investment with a market value equal to the value of the entity's investment. In the case of the LGIP, the value would be the dollar value of the individual participant account value as of the reporting date.
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GASB Statement No. 68. The objective of this Statement is to address an issue regarding application of the transition provisions of Statement No. 68,
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GASB Statement No. 45 permits fully compliant valuations every other year unless significant changes occur, in which case a new fully compliant valuation must be performed. If requested in the off-year, we will provide a letter presenting the calculation of the Annual OPEB Cost for expensing for the year. If a fully compliant valuation were required or requested by the School Board in the intermediate year(s), the cost would be developed by adjusting the initial actuarial report fee for inflation.
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Related to GASB Statement No

  • Closing Statement (a) In connection with the prorations required under SECTION 9.1, not later than 5 Business Days prior to the intended Closing Date, the Seller will use commercially reasonable efforts to have prepared a proforma of the accounting for the transaction that reflects the Seller’s good faith estimate of how items subject to proration will be accounted for by crediting or debiting appropriate accounts either pre or post Closing, respectively (the “Draft Closing Statement”). The Draft Closing Statement shall reflect the parties’ good faith estimate of all of the prorations, credits and/or other adjustments to be made at Closing. On the day prior to Closing, the Seller and the Buyer will use commercially reasonable efforts to conduct inventories, examinations and audits of the Asset as may be necessary to verify and/or make revisions to the Draft Closing Statement based on such audits, examinations and inventories, and on the night preceding the Closing immediately after the Cut-Off Time, the Seller and the Buyer will use commercially reasonable efforts to make all final adjustments necessitated by such nights’ operations and prepare a final closing statement of prorations and adjustments required under SECTION 9.1 with such supporting documentation as the parties hereto may reasonably require being attached thereto. The Buyer and the Seller acknowledge and agree that the completion of the Draft Closing Statement pursuant to this SECTION 9.2(a) shall not be a condition precedent to the obligation of the Buyer or the Seller to consummate the transactions pursuant to the terms of this Agreement. (b) If any items to be adjusted pursuant to this ARTICLE IX are not determinable at the Closing, or if any such adjustments made at the Closing prove to be incorrect, the adjustment shall be made subsequent to the Closing or corrected when the charge is finally determined. The Buyer shall deliver to the Seller no later than 60 days following the Closing Date (except with respect to any item which is not reasonably determinable within such time frame, as to which the time frame shall be extended until such item is reasonably determinable) a schedule of prorations setting forth the Buyer’s determination of prorations not determined at the Closing and any adjustments to the prorations made at Closing that it believes are necessary to complete the prorations as set forth in this ARTICLE IX. Any errors or omissions in computing adjustments or readjustments at the Closing or thereafter shall be promptly corrected or made, provided that the party seeking to correct such error or omission or to make such readjustment shall have notified the other party of such error or omission or readjustment on or prior to the date that is 30 days following the receipt from the other party of such other party’s proposed adjustment or readjustment. The party owing the other party any sum pursuant to any adjustment, or readjustment or correction under this ARTICLE IX shall pay such sum to the other party within 15 days after the same has been determined as set forth above.