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GASB insight potentially affecting current and future audits <br />CLA has one of the largest governmental audit and accounting practices in the country. As a result, we are <br />intimately involved in the review, development, and implementation of new standards promulgated by GASB. <br />Additionally, we have members of our government services team that participate in the AICPA State and Local <br />Government Expert Panel. These individuals are involved in the process of reviewing and updating the AICPA's <br />State and Local Government Audit and Accounting Guide. <br />Our significant knowledge of technical issues and GASB pronouncements will be especially beneficial to the City. <br />The below are recent issues and pronouncements which may have a future impact on the audits and financial <br />statement of the City. We will proactively work with the City to address the reporting and auditing impact of <br />each pronouncement or issue in advance of the implementation date. <br />GASB — Recent and Pending <br />Description of Statement <br />GASB Statement No. 99, Omnibus 2022 — The <br />objectives of this Statement are to enhance <br />comparability in accounting and financial reporting <br />and to improve the consistency of authoritative <br />literature by addressing (1) practice issues that have <br />been identified during implementation and <br />application of certain GASB Statements and (2) <br />accounting and financial reporting for financial <br />guarantees. <br />GASB Statement No. 100, Accounting Changes and <br />Error Corrections —an amendment of GASB <br />Statement No. 62 —The primary objective of this <br />Statement is to enhance accounting and financial <br />reporting requirements for accounting changes and <br />error corrections to provide more understandable, <br />reliable, relevant, consistent, and comparable <br />information for making decisions or assessing <br />accountability. <br />GASB Statement No. 101, Compensated Absences — <br />The objective of this Statement is to better meet the <br />information needs of financial statement users by <br />updating the recognition and measurement guidance <br />for compensated absences. That objective is achieved <br />by aligning the recognition and measurement <br />guidance under a unified model and by amending <br />certain previously required disclosures. <br />Potential Impact on the City <br />The requirements of this Statement have <br />various effective dates for fiscal years beginning <br />after June 15, 2022 and 2023, and all reporting <br />periods thereafter. <br />The requirements of this Statement are <br />effective for accounting changes and error <br />corrections made in fiscal years beginning after <br />June 15, 2023, and all reporting periods <br />thereafter. Earlier application is encouraged. <br />The requirements of this Statement are <br />effective for fiscal years beginning after <br />December 15, 2023, and all reporting periods <br />thereafter. Earlier application is encouraged. <br />City of Santa Ana RFP No. 24-009 Page 20 of 63 <br />