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The Audit Connection Blog

Results for: standards


First page of new resource about identifying asset retirement obligations

Are you ready to identify your asset retirement obligations?

July 26, 2019

Local governments are beginning to implement GASB Statement No. 83 on asset retirement obligations, or ARO’s, which is effective for reporting periods beginning after June 15, 2018. To help local governments begin, the Center for Government Innovation has published a new resource to help you identify asset retirement obligations in Washington.

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New standard out for auditors assessing a government’s financial condition

March 1, 2018

Part of management’s responsibility for financial reporting and safeguarding of public resources is to regularly evaluate its financial condition and develop plans to address any serious issues. For financial reporting, both the Budgeting, Accounting and Reporting System (BARS) Manual and the Governmental Accounting Standards Board (GASB) Statement No. 56 require disclosure in the notes to the financial statements regarding any situations that give rise to a substantial doubt about the government’s ability to continue to operate, along with management’s plans to address the situation.

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