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It's been an exciting year at JG. We are expanding our offices to accomodate an increase in staff and client base. This growth will allow us to better serve local Ohio governments. 

We would like to welcome the following new clients in 2017: Bath LSD for the preparation of their OCBOA statements, Mayfield CSD, Violet Township, Westlake Porter Public Library, Village of Hanover and City of St. Clairsville for consulting services, Hancock Public Health, Knox Co Agricultural Society and Hocking Co Agricultural Society for the preparation of their regulatory statements, City of Steubenville for CAFR preparation, Portage County Land Authority, Midwest Pool Risk Management Agency, Springfield Clark Career & Technical Center, Townsend Community School and Brown Local Schools for the preparation of their GAAP statements.

We are honored to have been chosen for the following audit contracts in 2017: Penta Career Center, Riverdale CSD, Seneca East LSD, Defiance CSD, Stark County Port Authority, Portage County Land Authority, City of Steubenville, PolymerOhio, City of St. Clairsville, Westerville CSD, Buckeye LSD, Pymatuning Valley LSD and Greenville CSD.

 

The Latest Industry Information

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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