Last week, the two Republican Commissioners of the SEC availed themselves of the opportunity presented by the ability to comment on the Financial Accounting Foundation's Strategic Plan Draft for Public Comment to again voice...more
The HSB Economic Development team published their June 2022 news update, highlighting the following topics: Big Changes to South Carolina Property Taxes and Incentives- The big political news in South Carolina this June...more
SEC/CORPORATE - Acting SEC Chair Issues Statement on Climate-Change Disclosures - On February 24, acting Chair of the Securities and Exchange Commission Allison Herren Lee issued a statement that she has directed the...more
For those interested in availability payment (AP) or service payment structures for public-private partnerships (P3s), June 15, 2020, was an important day despite lack of fanfare....more
The primary objective of the guidelines is to improve financial reporting by addressing issues related to P3s and APAs. The guidelines provide uniform guidance on accounting and financial reporting for transactions that meet...more
With the July 1, 2019 implementation date fast approaching for the new GASB 84 accounting guidance for fiduciary activities, school districts in Michigan have been working through various issues which have arisen in the...more
This alert focuses on Florida governmental entities that provide benefits to firefighters. Newly adopted Florida Statutes chapter 112.1816, scheduled to go into effect July 1, 2019, provides additional minimum benefits to...more
On September 26-28 the National Association of Bond Lawyers held an annual gathering called the Bond Attorneys' Workshop, which consisted of a series of subject-specific meetings discussing topics in municipal finance. Most...more
The Governmental Accounting Standards Board issued GASB Statement No. 88 (the "Statement") in March 2018. The Statement requires increased disclosure in notes to financial statements of all state and local governments. The...more
New rules by the nonprofit Governmental Accounting Standards Board [GASB] “can encourage local governments to be more transparent regarding their tax abatements,” says a report by Policy Matters Ohio, according to a recent...more
What is GASB 77 and why does it exist? GASB 77 is an accounting pronouncement applicable to the financial statements of state and local governments. In order for their financial statements to be prepared in accordance with...more
The April 30th deadline for the calendar year South Carolina taxpayers to file their annual Form PT-300, Property Return, is fast approaching. Taxpayers subject to a fee-in-lieu of tax (FILOT) must file a new schedule with...more
BROKER-DEALER - FINRA Issues Regulatory Notice on GASB Accounting Support Fee - The Financial Industry Regulatory Authority announced that it will collect a total of $8,309,000 in 2017 from its member firms as part...more
State and local governmental entities (“Governments”) nationwide will soon face new financial statement disclosure requirements regarding existing tax incentive agreements. While the GASB encourages Governments to begin...more
On August 15, 2015, the Government Accounting Standards Board (GASB) issued Statement No. 77 (the “Tax Abatement Standard”) concerning financial reporting of tax abatements and other economic development incentives that...more
Earlier this month, the Governmental Accounting Standards Board (GASB) approved Statement No. 77, Tax Abatement Disclosures, which requires state and local governments to report on foregone revenue from tax abatement...more
Today, August 15, 2015, the Government Accounting Standards Board issued Statement No. 77, Tax Abatement Disclosures. It will generate quite a bit of work for local government. In fact, it may force counties to organize...more
The General Accountability Standards Board (GASB) recently issued new standards that govern the disclosure of post-employment benefits in financial statements. Specifically, new GASB standards require state and municipal...more
Supreme Court - As explained in more detail in separate alerts we issued over the past several days, the Supreme Court decided two major cases involving the Affordable Care Act and same-sex marriage. First, as described...more
Executive Summary - The Governmental Accounting Standards Board (“GASB”) has issued an exposure draft of a proposed statement (the “Statement”). The Statement, for the first time, would set uniform minimum disclosure...more
As market regulators press for stricter reporting guidelines for state and local governments concerning pension disclosure in public offerings, the Government Finance Officers Association (GFOA) is advocating that funding...more