Registration for the NCGFOA Certified Finance Officer Exams on October 25 and 26 will opened today, Wednesday, October 17 at 8:00 a.m. The following links are for instructions on the registration process and for the registration links page directly. Please note that the School of Government has a new registration system and you may be required to create an account if you have not recently. All of this information is in the instructions page.
REGISTRATION WILL BE AVAILABLE UNTIL MONDAY, OCTOBER 22, AT NOON.
Once registration has closed, complete information regarding instructions for access, technical support and parameters of the exams themselves will be provided no later than Wednesday, October 24.
EXAM ACCESS WILL BE FROM 8:00 A.M. – 3:00 P.M. EACH DAY THE EXAMS ARE BEING OFFERED. TECHNICAL SUPPORT, IF NEEDED, WILL ONLY BE AVAILABLE FROM 8:00 A.M – 5:00 P.M. ON THE EXAM DAYS. EACH EXAM IS 2 HOURS MAXIMUM IN LENGTH AND WILL CLOSE AT THE END OF TWO HOURS IF NOT ALREADY COMPLETED AND SUBMITTED. ONCE AN EXAM OPENS, A TIMER BEGINS AND CANNOT BE PAUSED AND REVISITED AT A LATER TIME. ALL OF THESE INSTRUCTIONS WILL BE PROVIDED WHEN YOUR ACCESS CREDENTIALS ARE PROVIDED TO YOU NEXT WEEK.
Exam Registration Links
IF YOU ARE UNABLE TO AUTOMATICALLY LINK, COPY AND PASTE THE ACTUAL URL INTO YOUR BROWSER. PLEASE CONTACT THE SCHOOL OF GOVERNMENT REGISTRAR IF ANY OTHER ISSUES ARISE WITH ACCESSING THE INFORMATION.
As was announced in August, the first online offering for the NCGFOA Finance Officer Certification Exams was scheduled to be Thursday and Friday, September 27 and 28. Given the widespread impact of Hurricane Florence and the demands that are going to be placed on management and finance officials over the next weeks and even months, the Certification Committee believed it best to postpone the first offering. Also, the University has been closed since late last week and is now dealing with unexpected IT issues, thus this will give them time to approve the final platform, a task that was scheduled for this week. The first online exams are now scheduled for Thursday, October 25 and Friday, October 26. Afterwards, the online exams will be held on the final successive Thursday and Friday of January, May, and September each year. Continue reading
In November 2017, the Governmental Accounting Standards Board (GASB) issued an Exposure Draft entitled Accounting for Interest Cost during the Period of Construction. The GASB is proposing a standard that would significantly change the way certain interest costs are accounted for during the period of construction of capital assets. And (for once) for the better! If approved in its current form (and I do not anticipate any real challenges to this proposal), governmental entities would simply recognize interest as an expense or an expenditure in the period it’s incurred, whether or not it is during the construction period. As such, there would be no further interest capitalization to calculate and report.
The Governmental Accounting Standards Board (GASB) recently released GASB Statement No. 87, Leases. This project is a bit unusual in that it basically mirrors a similar recent project of the Financial Accounting Standards Board. In the end, both the private sector and the public sector will be accounting for operating lease arrangements in basically the same way. When implemented, this standard will change how the accounting and financial reporting is done for most operating lease arrangements, with very limited exceptions. The standard will not affect, however, how capital lease arrangements are currently accounted for and reported.
The Governmental Accounting Standards Board (GASB) apparently never slows down! The past several years have seen an explosion of activity that includes significant changes to governmental financial reporting – and there is MUCH more to come! A future blog post will focus on the most recently approved pronouncement – GASB Statement No. 87, Leases, which provides guidance for lease contracts for nonfinancial assets, and is consistent with private-sector lease requirements recently approved by the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB). This blog post, however, is a quick peek into the current GASB agenda and the expected timelines for those projects.
The UNC School of Government has just posted its most recent Local Finance Bulletin, the 2017-2018 Finance Calendar of Duties for City and County Officials, prepared by Gregory S. Allison. This annual publication is a monthly guide for finance and budgeting officials on all statutory and regulatory reporting and administrative responsibilities. The finance calendar has been a publication of the School of Government for decades and is an online, free resource for finance officers, budget officers, clerks, and other administrative officials.
Yogi Berra said it best. “It’s déjà vu all over again.” That is what should come to everyone’s mind upon reviewing the third measurement focus and basis of accounting proposal from the Governmental Accounting Standards Board’s (GASB) recent Invitation to Comment (ITC), Financial Reporting Model Improvements – Governmental Funds. As was noted in the previous blog post You Are Doing WHAT to the Governmental Funds?? – Part 2, the Short-Term Approach, each proposal is moving further and further away from the current financial resource measurement focus and the modified accrual basis of accounting currently used in the governmental funds. Well, this is an all-out retreat!! In fact, it is also being referred to as the total financial resources approach.
In our last chapter, You Are Doing WHAT to the Governmental Funds?? – Part 1, The Near-Term Approach, we explored one of the three new measurement focus and basis of accounting (MFBA) options being considered for the governmental funds. These approaches are presented in the Governmental Accounting Standards Board’s recent Invitation to Comment (ITC), Financial Reporting Model Improvements – Governmental Funds. And you thought it was a scary chapter!?? The suspense continues with the second MFBA proposal – the short-term (or working capital) approach. One spoiler alert (but it is for your own good) – each approach goes further away from the current resource measurement focus and modified accrual basis of accounting currently used by the governmental funds. (Just wait until you read Part 3….)
In my previous post, Invitation to Comment – or Invitation to Disaster?? The Long Slog to a New Financial Reporting Model Begins!, I provided a fascinating overview of the Governmental Accounting Standards Board’s (GASB) new financial reporting model project. As was noted, the actual Invitation to Comment (ITC), Financial Reporting Model Improvements – Governmental Funds is a first step in the long due process of developing a new GAAP standard. As is the case here, an ITC usually provides an opportunity for the GASB to solicit feedback on various proposal considerations. A significant aspect of the reporting model project is the reconsideration of the unique measurement focus used in the governmental funds (current financial resources). The ITC details three new measurement focus approaches to consider – the near-term approach, the short-term approach, and the long-term approach. This post, focusing on the near-term approach, is the first in a series that will provide (hopefully) a clearer insight into the plotting that is occurring in Norwalk.
Well, it was inevitable. While we all are still reeling from the fun that has been GASB Statement No. 34, Basic Financial Statements – and Management’s Discussion and Analysis – for State and Local Governments that was issued in June 1999, another chapter in the never-ending saga has begun. Yes, the Governmental Accounting Standards Board (GASB) recently added a new financial reporting model project to their official agenda. Now, the good news is that this type of project takes time – lots of time. The project that culminated in GASB Statement No. 34 was a 15-year process. The first implementers of GASB Statement No. 34 did so 15 years ago. So, one would hope that this is the beginning of another 15 year adventure and, at the end, most of us will be retired. Well, no such luck this time. While we do have time to possibly retire, the potential release of a new reporting model standard is currently slated for November 2021, with implementation certainly several years after that. However, we are not looking at a 15-year process.