Does your school district's accounting system rate an A?

Article Abstract:

A Certificate of Excellence in Financial Reporting by School Systems can help school districts improve their accounting systems, as well as their financial reputation. In 1972, the Association of School Business Officials International (ASBO) attempted to standardize school systems' accounting procedures by developing the Certificate of Excellence program. The requirements include the submission of a Comprehensive Annual Financial Report, a Component Unit Financial Report, and an ASBO Self-Evaluation Worksheet. One of the most common errors is an incomplete letter of transmittal, which should include such elements as the financial condition of the school system, changes in fund balances, and future strategies. The Certificate of Excellence is increasingly being recognized as a valuable way of attaining fiscal and financial management credibility.

Elementary and secondary schools, Standards, Accounting and auditing, Schools, School accounting, Association of School Business Officials International

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Reducing retiree health care liabilities

Article Abstract:

The Financial Accounting Standard Board's proposed rules for post employment benefits will require companies to review their coverage and make some choices. An accrual study will provide future liability information necessary to decide if major changes are needed. There are several different options available if the plan needs to be changed including: establishing tighter eligibility requirements; increasing cost sharing; developing provider-fee negotiations; controlling use of health care services; creating preventive programs; and reducing benefits.

Analysis, Management, Laws, regulations and rules, Medical care, Cost of, Health care costs, Retirement benefits, Financial Accounting Standards Board

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