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13 <br /> 1 restatement. This standard can be early implemented as part of fiscal year <br /> 2 2019, but is applicable for June 30, 2021. <br /> 3 New GASB Pronouncements for Future Years <br /> 4 Statement No. 90, Equity Interests an amendment of GASB Statements No. 14 <br /> 5 and No. 61, is intended to improve the consistency and comparability of reporting <br /> 6 a government's majority equity interest in a legally separate organization and to <br /> 7 improve the relevance of financial statement information for certain component <br /> 8 units. It defines a majority equity interest and specifies that a majority equity <br /> 9 interest in a legally separate organization should be reported as an investment if <br /> 10 a government's holding of the equity interest meets the definition of an <br /> 11 investment. A majority equity interest that meets the definition of an investment <br /> 12 should be measured using the equity method, unless it is held by a special- <br /> 13 purpose government engaged only in fiduciary activities, a fiduciary fund, or an <br /> 14 endowment (including permanent and term endowments) or permanent fund. <br /> 15 Those governments and funds should measure the majority equity interest at fair <br /> 16 value. Applicable for June 30, 2020. <br /> 17 Other Matters Currently Being Considered by GASB <br /> 18 Re-Examination of the Financial Reporting Model. GASB has added this <br /> 19 project to its technical agenda to make improvements to the existing financial <br /> 20 reporting model (established via GASB 34). Improvements are meant to <br /> 21 enhance the effectiveness of the model in providing information for decision- <br /> 22 making and assessing a government's accountability. <br /> 23 Conceptual Framework is a constant matter being looked at by GASB. <br /> 24 Current measurement focus statements (for governmental funds) to change to <br /> 25 near-term financial resources measurement. May dictate a period (such as 60 <br /> 26 days) for revenue and expenditure recognition. May expense things such as <br /> 27 supplies and prepaid assets at acquisition. <br /> 28 Revenue and Expense Recognition is another long-term project where the <br /> 29 GASB is working to develop a comprehensive application model for recognition <br /> 30 of revenues and expenses from non-exchange, exchange, and exchange-like <br /> 31 transactions. <br /> 32 Conduit Debt. The GASB is looking at improving the definition of conduit debt <br /> 33 and determining whether a liability should be reported for these transactions. <br /> 34 Other Changes <br /> 35 There continues to be changes to auditing standards relative to the conduct and <br /> 36 reporting of Single Audits. This year's financial and compliance audit recognized <br /> 37 the implementation of the new Uniform Grant Guidance (UG) which included <br /> 38 significant changes to cost principles and other requirements for auditees <br /> 39 receiving Federal funds. These changes are driven based on the grant award <br /> 40 date as awarded by the Federal agency. As such, auditors and auditees will <br /> 41 follow requirements from both the "old" and "new" guidance for a few years to <br /> 42 come. <br /> 43 <br /> 44 Free Quarterly Continuing Education for Governmental Clients <br /> 45 Since March of 2009: <br /> 46 o Mauldin & Jenkins provides free quarterly continuing education for all of our <br /> 47 governmental clients. Topics are tailored to be of interest to governmental <br /> 48 entities. In an effort to accommodate our entire governmental client base, we <br /> 49 offer the sessions several times per quarter at a variety of client provided <br />