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Spring city/county season was a busy one for JG, Inc! We are now gearing up for our fall reporting season and have welcomed several new staff members to our firm in order to continue to provide outstsanding governmental accounting services to Central Ohio.

We are pleased to have received the GAAP reporting contracts for City of Bellbrook, Licking Co Land Reutilization Corp, St. Henry Consolidated LSD, Felcity Franklin LSD, Heritage Preserve Community Authority, Upper Arlington CSD, South Central Ohio Insurance Consortium, Village of Sebring, Tri State Early College Stem School and Bio Med Science Academy.  

In addition, we are honored to have been chosen as the IPA firm for the following audit contracts this summer: Springfield Clark CTC, Anna LSD, New Knoxville LSD, Fayette County Ag Society, Brown Co Ag Society, Adams Co Ag Society and the City of Clyde, In addition we were awarded renewal contracts for the following current clients for their upcoming audit periods: Sharon Township, Mid East Ohio Regional Council, City of Powell, Powell CIC, Destination Grandview, Hayden Run Community Improvement, Gahanna CVB, 

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Upcoming GASB Statement Implementations

The following are pronouncements of the Governmental Accounting Standards Board (GASB) that are scheduled to become effective for state and local governments in future reporting periods:

GASB Statement No. 72 - Fair Value Measurement and Application
 
This Statement addresses accounting and financial reporting issues related to fair value measurements.  This Statement provides guidance for determining a fair value measurement for financial reporting purposes and also provides guidance for applying fair value to certain investments and disclosures related to all fair value measurements.  GASB Statement No. 72 is applicable to financial statement periods beginning after June 15, 2015.
 
GASB Statement No. 73 - Accounting and Financial Reporting for Pensions and Related Assets That Are Not within the Scope of GASB Statement No. 68, and Amendments to Certain Provisions of GASB Statements Nos. 67 and 68
 
This Statement establishes requirements for defined benefit pensions that are not within the scope of GASB Statement No. 68, as well as for the assets accumulated for purposes of providing these pensions.  In addition, it establishes requirements for defined contribution pensions that are not within the scope of GASB Statements Nos. 67 and 68.  GASB Statement No. 73 is applicable to financial statement periods beginning after June 15, 2015.
 
GASB Statement No. 74 - Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans
 
This Statement modifies the financial reporting requirements for Other Postemployment Benefits (OPEB).  GASB Statement No. 74 is applicable to financial statement periods beginning after June 15, 2016.
 
GASB Statement No. 75 - Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions
 
This Statement establishes methodology to value and report the proportionate share of the net OPEB liability for governmental employers.  GASB Statement No. 75 is applicable to financial statement periods beginning after June 15, 2017.
 
GASB Statement No. 76 - The Hierarchy of Generally Accepted Accounting Principles for State and Local Governments
 
This Statement reduces the GAAP hierarchy to two categories of authoritative GAAP and addresses the use of authoritative and nonauthoritative literature in the event that the accounting treatment for a transaction or other event is not specified within a source of authoritative GAAP.  GASB Statement no. 76 is applicable to financial statement periods beginning after June 15, 2015.
 
GASB Statement No. 77 - Tax Abatement Disclosures
 
This Statement standardizes the required disclosures for tax abatements for a government’s own tax abatement agreements and those that are entered into by other governments that reduce the reporting government’s tax revenues.  GASB Statement No. 77 is applicable to financial statement periods beginning after December 15, 2015.
 
GASB Statement No. 78 - Pensions Provided through Certain Multiple-Employer Defined Benefit Pension Plans
 
This Statement amends the scope and applicability for GASB Statement No. 68 to exclude pensions provided to employees of state or local governmental employers through a cost-sharing multiple-employer defined benefit pension plan that (1) is not a state or local governmental pension plan, (2) is used to provide defined benefit pensions both to employees of state or local governmental employees and to employees of employers that are not state or local governmental employers, and (3) has no predominant state or local governmental employer.  GASB Statement No. 78 is applicable to financial statement periods beginning after December 15, 2015.
 
GASB Statement No. 79 - Certain External Investment Pools and Pool Participants
 
This Statement establishes criteria for an external investment pool to qualify for making the election to measure all of its investments at amortized cost for financial reporting purposes.  GASB Statement No. 79 is applicable to financial statement periods beginning after June 15, 2015.

Please contact our staff or email publicrelations@jginc.biz if you have questions regarding any of these GASB Statements, their implementation or the effects of these pronouncements on your financial statements.  
 


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