How to Address Accounting Changes and Errors with GASB 100
Does your government ever have accounting changes or error corrections? If yes, know that GASB 100, Accounting Changes and…
Accounting and auditing standards are referred as A&A. Accounting standards provide guidance for the creation of financial statements. Auditing standards provide guidance regarding how to prove the financial statements are materially correct. Auditors need to understand both accounting and auditing standards.ย
Accounting standards come from the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB). Both bodies create drafts of standards that are subject to public review and feedback. Once approved, they become a part of the respective codifications.ย
Accounting standards constantly evolve. They are developed to meet the needs of those who read financial statements. The standards provide guidance about financial statements such as a balance sheets and disclosures, sometimes called notes to the financial statements.ย
Auditing standards are issued by the American Institute of CPAs. Opinions rendered under this set of rules are usually issued in the United States, both for non-governmental and governmental entities. The purpose of the audit standards is to provide a basis for auditors to gain sufficient evidential matter to support the opinions issued. Auditors most commonly issue unmodified opinions, meaning the auditor believes there are no material misstatements in the financial statements.ย
Does your government ever have accounting changes or error corrections? If yes, know that GASB 100, Accounting Changes and…
In this video, I explain unmodified, qualified, adverse, and disclaimed audit opinions.
What are the differences in supplementary information, additional information, and required supplementary information? Does the audit opinion change for…
In this article, I explain why you need to reconcile balance sheet accounts before closing your books.ย Reconcile Balance…
How can you finish audits on time? If firms cannot complete audits, they cannot bill (at least not entirely)–and…
In this post, I provide three videos explaining these bases of accounting: (1) cash basis, (2) modified cash basis,…
If you perform governmental audits, you know that different governmental auditing standards can come into play. In this video,…
GASB 63 and 65 provide guidance regarding deferred outflows and inflows in governments. This article provides an overview of…
GASB issued Statement No. 101, Compensated Absences, and updated the recognition and measurement guidance for compensated absences to better…