LaPorte Cafe: Our Commitment to Our Public Sector Clients
At LaPorte, we take seriously our commitment to educating clients about new accounting standards or legislative updates. In an effort to provide timely topics of
GASB renames the comprehensive annual financial report
(authored by RSM US LLP) The GASB has changed the term “comprehensive annual financial report” to “annual comprehensive financial report.”
Treasury-Backed “Fiscal Recovery Funds” Present Unique Funding Opportunities to State and Local Governments
As part of President Biden’s American Rescue Plan Act (ARPA) that was passed in March 2021, Congress assigned $1.9 trillion in federal funds for “COVID-related
Recipient accounting for SVOG and RRF grants
(authored by RSM US LLP) The AICPA has issued recipient accounting guidance for Shuttered Venue Operators Grants and Restaurant Revitalization Fund grants.
GASB proposal: Accounting changes and error corrections
(authored by RSM US LLP) A recent GASB Exposure Draft addresses financial reporting requirements related to accounting changes and error corrections.
Implementing GASB 87: Government entities learn from public companies
(authored by RSM US LLP) Government entities are finding GASB 87 compliance, the Government Accounting Standards Board’s new standard on lease accounting, complex.
The IRS provides further guidance on the Employee Retention Tax Credit
(authored by RSM US LLP) The Relief Act made changes on how the Employee Retention Tax Credit works during the first two quarters of 2021.
Senate passes extension of Paycheck Protection Program to May 31
(authored by RSM US LLP) PPP extension clears Senate. Program to be extended to May 31, with 30 days provided after May 31 for SBA to process pending applications.
GASB issues Exposure Draft regarding compensated absences
(authored by RSM US LLP) A recent GASB Exposure Draft proposes a unified model for the recognition and measurement of all types of compensated absences.
Proposed accounting for acquired revenue contracts with customers
(authored by RSM US LLP) A recent proposed ASU addresses the accounting for revenue contracts with customers acquired in a business combination.
IRS Introduces New Form 1099-NEC for 2020 Tax Year Reporting
Beginning in January of 2021, the IRS will require businesses to report non-employee compensation using a new Form 1099-NEC. Amounts formerly reported on Form 1099-MISC
Webinars: Financial Reporting Model Improvements
The Governmental Accounting Standards Board (GASB) has set about to reexamine state and local government financial reporting in an effort to improve the reporting model.