Managing Partner’s Message -April 2018
Spring has finally arrived both within and beyond the borders of our firm. Internally, we marked the passing of another Department of Community and Economic Development (DCED) deadline for audit reports as well as the three month mark of the implementation of new audit software. Our team reports that our new software is a welcome addition to our arsenal of audit tools and even though implementation added additional strain during an already busy time, everyone looks forward to further integration of the new product.
We now are turning our sights to the next audit season – for entities with years ending June 30. For our government clients this will mean the first year of implementation of the Governmental Accounting Standards Board (GASB) Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions. Similar to GASB Statement No. 68 for pensions, this new standard establishes standards for recognizing and measuring liabilities and related financial statement elements of the actuarially determined value of other post- employment benefits offered to employees. Our team of professionals have been evaluating the impact of this new standard since its release and are ready to assist our clients in facilitating a smooth implementation. On the horizon is a GASB project designed to develop eventual new standards regarding revenue and expense recognition. We are involved with that discussion and encourage you to visit our blog for our letter of comment to the GASB Board.
For our nonprofit clients, no changes for this year – but big changes on the horizon. We have been discussing the effects of new Financial Accounting Standards Board (FASB) rules that affect not-for-profit presentation of financial statements, revenue recognition, and reporting of leases. Those conversations will continue and for some of our clients, we will begin the process of preparing pro forma financial statements under the new requirements.
Spring is also a time to get outdoors and be active! Several of our staff have begun participating in community activities on behalf of our nonprofit clients. These are great outings to bring friends and family to. Eliza Kowalczyk, our Partner Jeff’s daughter loves participating in 5k events – she is a young philanthropist in training!
On Wednesday, May 9, we will be celebrating the retirement of our Founding Partner, Robert Barbacane. Rob has touched many lives through the past FORTY years since he began our firm. His passion and commitment to the accounting profession, the development of the next generation of CPA’s, the public sector and the mission of so many nonprofits has been felt by many. We will forever be grateful for his visionary leadership.