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Item 21 - Award a Contract to CliftonLarsonAllen LLP for Professional Auditing Services
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Item 21 - Award a Contract to CliftonLarsonAllen LLP for Professional Auditing Services
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5/13/2024 12:40:40 PM
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5/2/2024 5:45:43 PM
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City Clerk
Doc Type
Agenda Packet
Agency
Finance & Management Services
Item #
21
Date
5/7/2024
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The following are some of the current projects being conducted by GASB that may impact the City in the future: <br />Future Pronouncements and Projects <br />Description of Project Current Status <br />Revenue and Expense Recognition — The objective of this project is to <br />develop a comprehensive application model for the recognition of <br />revenues and expenses that arise from nonexchange, exchange, and Currently in the preliminary <br />exchange -like transactions, including guidance for exchange views redeliberations stage. <br />transactions that has not been specifically addressed in the current <br />literature. <br />Financial Reporting Model — The objective of the project is to make <br />improvements to the financial reporting model including GASB Nos. 34, <br />35, 37, 41, 46, and Interpretation No. 6. The improvements would be to Currently in exposure draft <br />enhance the effectiveness of the model in providing information redeliberations stage. <br />essential for decision -making, enhance the ability to assess a <br />government's accounting, and address certain application issues. <br />Risk and Uncertainties Disclosures — Current note disclosure <br />requirements focus on various risks faced by state and local <br />governments, such as those associated with financial instruments, Currently in the exposure draft <br />including deposits, investments, securities lending, and derivatives as <br />redeliberations. <br />well as risk retention, including risk pools. This project would address <br />risks relating to the nature of operations, estimates, and vulnerability <br />due to certain concentrations. <br />Going concern uncertainties and severe financial stress — The <br />objective of this project is to address issues related to disclosures <br />regarding going concern uncertainties and severe financial stress. The <br />project will consider (1) improvements to existing guidance for going <br />concern considerations to address diversity in practice and clarify the Currently in initial <br />circumstances under which disclosure is appropriate, (2) developing a deliberations. <br />definition of severe financial stress and criteria for identifying when <br />governments should disclose their exposure to severe financial stress, <br />and (3) what information about a government's exposure to severe <br />financial stress is necessary to disclose. <br />Infrastructure Assets — This proposed project would address issues <br />related to accounting and financial reporting for infrastructure assets. <br />The project would evaluate standards -setting options related to <br />reporting infrastructure assets to make information (1) more <br />comparable across governments and more consistent over time, (2) Currently in initial <br />deliberations. <br />more useful for making decisions and assessing government <br />accountability, (3) more relevant to assessments of a government's <br />economic condition, and (4) better reflect the capacity of those assets <br />to provide service and how that capacity may change over time. <br />City of Santa Ana RFP No. 24-009 Page 21 of 63 <br />
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