On June 25, 2012, the Governmental Accounting Standards Board (GASB) issued Statement No. 67, Financial Reporting for Pension Plans
, and Statement No. 68, Accounting and Financial Reporting for Pensions
. Statement No. 67 revises the current guidance for the financial reports of pension plans while Statement No. 68, among other things, requires employers to report their net pension liability on the Statement of Net Position. Please click here
to read GASB's new release related to this substantial change to governmental financial reporting.
On June 15, 2012 the Massachusetts Society of Certified Public Accountants (MSCPA) held its annual government accounting and auditing conference at the Sheraton Hotel, Framingham, MA. Topics include Department of Revenue update, municipal health insurance reform, GAAP update, Single Audit update, GASB 43 and 45 update as it relates to the health care reform act - Chapter 32B Section 20.
Guest speakers include Gerald Perry, Director of Accounts, Department of Revenue; Pam Kocher, Director of Local Policy, Executive Office for Administration and Finance; Lisa R. Parker, CPA, Project Manager, GASB; and other leaders in the field of governmental accounting and auditing including Christian Rogers, CPA, Shareholder of Sullivan, Rogers & Company.
The 106th annual conference of the Government Finance Officers Association (GFOA) took place June 10th through the 13th, 2012 in Chicago, Illinois. The GFOA annual conference offers a uniquely cost-effective way to obtain reliable, timely, and practical guidance on the latest strategies, tools, and techniques in each of the major areas of public finance:
- Accounting, auditing and financial reporting
- Budgeting and financial planning
- Debt Management
- Management Policy