Accounting standards

Auditor General Frank Mautino said the delay was due largely to $1.2 billion erroneously collected from pharmaceutical companies that had to be addressed.

Illinois' Annual Comprehensive Financial Report for fiscal year 2023 recently passed the 600-day mark and is threatening to break California's lateness record.

Local government investment pools remain free from SEC rules

The Governmental Accounting Standards Board is looking for feedback on disclosure requirements related to infrastructure projects.

While other issuers have suffered ratings hits or had them withdrawn, California's ratings have not been impacted by its now perennially late ACFR.

California officials blame a new electronic records system for reporting delays that worsen every year, though other states don't have the same problem.

The N.C. Local Government Commission approved Wake County's request to finance almost $600 million for school and community college projects and the state’s plan to issue $300 million of GARVEEs for DOT work.

GASB has not had an academic on its board since June of last year when Professor Michael H. Granof of the University of Texas ended his second term.

Illinois is among the states that critics say have downplayed their unfunded long-term debts and should be forced by new GASB rules to become more transparent.

Thousands of references to the acronym were removed from the Government Finance Officers Association website.

The appointment of Black as GASB chairman last year was a break with the tradition of having a former state auditor serve in the post.

Joe Torsella said the online tool will help portray long-term drivers of the state’s financial picture.

This revision represents an update of Statement 34 issued in June 1999.

State auditors will continue to be represented on the Governmental Accounting Standards Board after Chairman David Vaudt ends his term June 30 although not as the chairman.

GASB’s final guidance on the Replacement of Interbank Offered Rates is expected to be issued in March, giving state and municipal governments plenty of time to make adjustments before Libor is phased out by the end of 2021.

The exposure draft, Replacement of Interbank Offered Rates, proposes removal of all inter-bank offered rates as an appropriate benchmark interest rate effective for reporting periods beginning after Dec. 15, 2020.

GASB is taking action because changing the reference rate on the hedge is ordinarily considered a termination event.

The state's net position worsened to negative $189.1 billion according to the CAFR, which arrived almost 14 months after fiscal 2018 ended.

State and local governments and trade groups have until Sept. 13 to submit comments on the 48-page exposure draft GASB released June 13.

New York City Comptroller Scott Stringer received several awards for excellence in financial reporting.