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13 <br /> <br />purpose government engaged only in fiduciary activities, a fiduciary fund, or an <br />endowment (including permanent and term endowments) or permanent fund. <br />Those governments and funds should measure the majority equity interest at fair <br />value. Applicable for June 30, 2020. <br /> Other Matters Currently Being Considered by GASB <br />Re-Examination of the Financial Reporting Model. GASB has added this <br />project to its technical agenda to make improvements to the existing financial <br />reporting model (established via GASB 34). Improvements are meant to <br />enhance the effectiveness of the model in providing information for decision- <br />making and assessing a government’s accountability. <br />Conceptual Framework is a constant matter being looked at by GASB. <br />Current measurement focus statements (for governmental funds) to change to <br />near-term financial resources measurement. May dictate a period (such as 60 <br />days) for revenue and expenditure recognition. May expense things such as <br />supplies and prepaid assets at acquisition. <br />Revenue and Expense Recognition is another long-term project where the <br />GASB is working to develop a comprehensive application model for recognition <br />of revenues and expenses from non-exchange, exchange, and exchange-like <br />transactions. <br />Conduit Debt. The GASB is looking at improving the definition of conduit debt <br />and determining whether a liability should be reported for these transactions. <br />Other Changes <br />There continues to be changes to auditing standards relative to the conduct and <br />reporting of Single Audits. This year’s financial and compliance audit recognized <br />the implementation of the new Uniform Grant Guidance (UG) which included <br />significant changes to cost principles and other requirements for auditees <br />receiving Federal funds. These changes are driven based on the grant award <br />date as awarded by the Federal agency. As such, auditors and auditees will <br />follow requirements from both the “old” and “new” guidance for a few years to <br />come. <br /> <br />Free Quarterly Continuing Education for Governmental Clients <br /> Since March of 2009: <br />o Mauldin & Jenkins provides free quarterly continuing education for all of our <br />governmental clients. Topics are tailored to be of interest to governmental <br />entities. In an effort to accommodate our entire governmental client base, we <br />offer the sessions several times per quarter at a variety of client provided <br />locations resulting in greater networking and knowledge sharing among our <br />governmental clients. We normally see approximately 100 people per quarter. <br />o Examples of subjects addressed in the past few quarters include: <br />Revenue Accounting Requirements <br />GASB Updates <br />Internal Controls – Revenues & Receipts <br />Internal Controls – Expenses, Disbursements & Payroll <br />Collateralization of Deposits <br />SPLOST Accounting, Reporting & Compliance <br />Capital Asset Accounting <br />Grant Accounting, Processes and Controls <br />Policies & Procedures Manuals <br />Segregation of Duties <br />GASB No. 51 – Intangible Assets