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The Florida Auditor General has released a draft of their proposed 2014 rules (Chapter 10.850 – Audits of Charter Schools and Similar Entities, Florida Virtual School and Virtual Instruction Program Providers) which will be effective for the 6-30-2014 fiscal year audits. Two significant changes are as follows: 1. The auditors must now include procedures to determine whether or not the charter school met one or more of the conditions described in Section 218.503(1),...

The Florida Auditor General has released a draft of their proposed 2014 rules (Chapter 10.550 – Local Governmental Entity Audits) which will be effective for the 9-30-2014 fiscal year audits. While there are many changes, the one proposed change that will significantly effect the annual financial statement audits of local governments removes the requirement of the auditor to simply issue a statement regarding the local government’s compliance with Section...

GASBS 68 – Accounting and Financial Reporting for Pensions – an amendment of GASB Statement No. 27 is effective for financial statements beginning after June 15, 2014. Local governments in Florida will be required to implement the provision of GASBS 68 in their financial statements for the fiscal year ending September 30, 2015. If a governmental entity participates in a cost-sharing multiple-employer pension plan (the ‘Plan’) then they are...

Here are a few new disclosures required under GASB 67… Regarding investment policies: 1) Procedures and authority for establishing and amending investment policy decisions. 2) Policies pertaining to asset allocation. 3) Description of significant investment policy changes during the reporting period. 4) The annual money-weighted rate of return on pension plan investments calculated as the internal rate of return on pension plan investments, net of pension plan...