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2011 Audit Changes

Jan 27

Written by: - Oliver Walling
1/27/2012 5:07 PM  RssIcon

When you look at your 2011 audits you will notice that there are new names for your fund balances.  The Government Accounting Standards Board (GASB) is the organization that determines the standards that fire district auditors must follow.  GASB has determined what your financial statements look like.  GASB #54 has changed the classifications of your net assets.  There are now five possible classifications of your fund balances.  There is also a new note disclosure required.  Review the draft of your 2011 audit and make sure it complies with GASB #54.

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