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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), Florida Statutes. These conditions are as follows: 218.503(1)(a) Failure within the same fiscal year in which due to pay short-term loans or failure to make bond debt service or other long-term debt payments when due, as a result of a lack of funds. 218.503(1)(b) Failure to pay uncontested claims from creditors within 90... Read More

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 218.415, Florida Statutes regarding the investment of public funds as part of the management letter. The proposed rule replaces this requirement with a separate examination report performed pursuant to AICPA Professional Standards, AT Section 601. This separate report will require we perform an examination in accordance... Read More

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 required by GASBS 68 to present certain pension amounts in their financial statements that are calculated by the Plan or its actuary.  The Florida Retirement System is a cost-sharing multiple-employer pension plan and participants will be required to implement the provision of GASBS 68. The components required to be presented... Read More

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 investment expense, and an explanation that a money-weighted rate of return expresses investment performance, net of pension plan investment expense, adjusted for the changing amounts actually invested. Pension plan investment expense should be measured on the accrual basis of accounting. Inputs to the internal rate of... Read More