Charter Schools and GASB 54 - Are you Compliant?

Posted by Sheridan Smith on Tue, Jun 28, 2011 @ 02:17 PM

Charter Schools: Time is running out for you to make sure that you have implemented the changes necessary to comply with Governmental Accounting Standards Board Statement Number 54 before your audit. This new guidance, passed in March 2009, is effective for periods ending June 30, 2011.  This new hierarchy of classifications of fund balance is intended to provide financial statement users with a more consistent method of determining a fund’s net resources, which also includes a revision to the definition of special revenue funds.

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Topics: bkhm cpas, GASB 54, charter schools