Category: Standards

Whose Assets Are They Anyway?

The Governmental Accounting Standards Board (GASB) issued GASB Statement No. 84, Fiduciary Activities the last week in January 2017.  Obviously, this is breaking news – stop the presses!  The standard is the culmination of a long-term, wide-ranging project to address accounting and financial reporting for the following:

GASB Statement No. 68)

With GASB Statement No. 84, the GASB provides definitive guidance on how all fiduciary activities of a governmental entity should be reported. It is now definitive that assets that are associated with a fiduciary activity and are legally entrusted should be reported in one of three specific fiduciary fund types.  Those assets that are not legally entrusted but still meet the definition of a fiduciary activity are to be reported in a separate fiduciary fund type. This does clear some inconsistencies with fiduciary fund reporting currently where entrusted and non-entrusted assets may be reported in the same fund type (although many of us probably never lost much sleep over it).

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Are all North Carolina County Property Tax Appraisers Subject to USPAP?

This is the exact question that I was asked recently.

“Are all North Carolina, county, ad valorem, real estate appraisers subject to the Uniform Standards of Professional Appraisal Practice (USPAP)?”

This could be a very short blog post. The answer to the question is, “no”. But a different question, “Should all North Carolina county ad valorem appraisers comply with USPAP?” leads to a more in depth discussion.  The answer to that question is, “yes”.  I believe if you act as an appraiser, you should comply with USPAP.

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Welcome!

Benjamin Frankin, (1706-1790) , North American printer, publisher, writer, scientist, inventor and statesman. Source: Wkipedia

Our new Constitution is now established, and has an appearance that promises permanency; but in this world nothing can be said to be certain, except death and taxes.

Benjamin Franklin, in a letter to Jean-Baptiste Leroy, 1789

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