At LSL CPAs we are experts in California governmental accounting. We have three offices statewide to serve you including Brea, Sacramento and Santa Ana, California.
What You Need to Know Regarding Single Audit Compliance Related to COVID-19 Federal Funds Received OMB issues M 20-26, a memorandum regarding the extension of Administrative Relief for Recipients and Applicants of Federal Financial Assistance Directly Impacted by COVID-19, dated June 18, 2020, which provides some clarification on “Administrative Relief Read more…
The Families First Coronavirus Response Act “FFCRA” and Coronavirus Aid Relief and Economic Security Act “CARES Act” have impacted employee benefits and retirement plans in general. Here’s some of the many changes included in those acts that we want you to be aware of and suggestions for actions to take. Read more…
As we are all aware, information related to Coronavirus changes by the hour. The financial ramifications of the economic shutdown in response to Coronavirus are expected to significantly, adversely affect individuals and the public and private sectors. To ease these negative consequences, the Federal Government has provided stimulus payments to Read more…
The COVID-19 pandemic has affected local government nationwide. We understand there are numerous items keeping you up at night and everyone is trying to take one issue at a time. Unfortunately, during this time the budgets for next year are being made, with large amounts of uncertainties, and now the Read more…
By now I am sure you have either already completed, are in the middle of, or are preparing for your interim audit fieldwork. Auditors’ use this time to assess and often times test your internal controls over financial reporting, checking levels of review and approval, safeguards over financial assets and Read more…
What a month it has been, right? We couldn’t have imagined our world and the way we work to literally change overnight, but we have seen just that. Local government finance departments saw priorities and “business as usual” change almost immediately. This time of year, priorities are usually focused on Read more…
Given the current circumstances surrounding COVID-19, the Governmental Accounting Standards Board (GASB) began a project to tentatively delay current and pending standards by up to one year, subject to due process. An exposure draft is slated for release within the next few weeks with a short comment period. The GASB Read more…
A year and half from now, governmental entities will be reporting leases in accordance with GASB Statement No. 87(which is first effective for June 30, 2021, year ends). While it may seem like a long time, the time and effort needed to prepare for implementation will be significant for many Read more…
As we wrap up our June 30, 2019 audits, we are now well into fiscal year 2020, which brings us a new, and potentially challenging accounting pronouncement! In January 2017, the Governmental Accounting Standards Board (GASB) issued Statement No. 84, Fiduciary Activities, which establishes criteria for identifying and reporting fiduciary activities Read more…
So you’re considering moving to an ERP Program or Service in the Cloud. Here is some insight on the opportunities, the risks, and things to consider when considering a cloud ERP Program, or Service: The Opportunities and Benefits: Cost – Cloud computing eliminates capital expenses involved with hardware, software setup Read more…