GOVERNMENT INSIGHTS

MAY 16, 2016   
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Berman Named to GASB's Task Force

Eide Bailly's Eric Berman has been named to GASB's task force to assist the Board with reexamining Statement No. 34, Basic Financial Statements-and Management's Discussion and Analysis-for State and Local Governments. 

Task force members, selected for their expertise or experience with the issue and ability to articulate views of constituents, will serve as a sounding board and provide suggestions and feedback as the project progresses.

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Eide Bailly is a top 25 CPA firm in the nation, serving more than 400 governmental clients across the United States.
 
Government Insights is published on an as-needed basis to keep our clients, prospects and business friends informed on news impacting the governmental industry.
What to Expect from the 2016 Single Audit
 
Many government and nonprofit entities are subject to a federal single audit. Such audits are based upon provisions of Title 2, Code of Federal Regulations, Part 200, commonly known as the Uniform Guidance. Audits in accordance with Subpart F, Audit Requirements, are required to commence for fiscal years (and of course, calendar years) beginning on or after December 26, 2014. For June 30 governments, the first audit period began on July 1, 2015.
 
Existing federal awards that were received before December 26, 2014, without any new incremental funding on or after that date, will still have an audit in accordance with the old provisions of Circular A-133. Those audits will also be governed by the terms and conditions of those awards. However, if incremental funding was received on or after December 26, 2014, even for the same award, then the award would be subject to the Uniform Guidance. With regard to federally participating procurements, an additional grace year is included in the Uniform Guidance, but documentation related to the procurement must include which guidance is being followed (A-133 or Uniform Guidance).
 
This article is broken into two parts. Part 1 focuses on the major differences in a Uniform Guidance Auditfrom previous audits. Part 2 focuses on the SEFA, findings, due dates and what to look for in the future. Click the links to jump to each part.
 

 

       

          
Eric Berman, MSA, CPA, CGMA
Partner
208.424.3524 

 

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