CPA Government & Nonprofit Report articles from October 2003

CPA Government & Nonprofit Report archives from October 2003

OMB issues final change to OMB circular A-133.(Office of Management and Budget )
October 1, 2003... The Office of Management and Budget (OMB) has formally amended OMB Circular A-133 "Audits of States, Local Governments, and Non-Profit Organizations." This amendment takes effect for fiscal years ending after December 31, 2003. This effective...

Editor's note.(Editorial)
October 1, 2003... The OMB has formally amended OMB Circular A-133 to increase the threshold to $500,000 from $300,000, effective for fiscal years ending after December 31, 2003. Additionally, the OMB has modified the threshold and base year determination of a...

Understanding special purpose governments.
October 1, 2003... Most of Governmental Accounting Standards Board (GASB) Statement No. 34 (Basic Financial Statements--and Management's Discussion and Analysis--for State and Local Governments) (GASB-34) applies to the typical state and local governments (state,...

GASB issues technical bulletin 2003-1 for derivatives.
October 1, 2003... This Technical Bulletin (TB) address only disclosure requirements for derivatives that are not presented at fair value on the Statement of Net Assets. Since most derivatives are presented at fair value due to Governmental Accounting Standards...

Understanding the repurchase agreement.
October 1, 2003... Repurchase agreements (repos) represent an extremely flexible investment alternative for most government and nonprofit organizations. Governments, however, are much bigger user of repos, so this article is focused more toward them. Unless...