STATE EXAMINER DIRECTIVE OF March 19, 2015

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MAYOR
MAYOR
STATE EXAMINER DIRECTIVE OF MARCH 19, 2015
GENERAL SUBJECT: Audits and Examinations of Financial Statements Prepared on the GAAP (Generally Accepted Accounting Principles) Basis.

AUTHORITY: IC 5-11-1
APPLICATION: This Directive applies to all Indiana local officers, public officials, and public employees of governments subject to examination under IC 5- 11-1.
FROM: Paul D. Joyce, CPA, State Examiner

Because the State Board of Accounts is dedicated to providing the audit and attest services needed by the taxpayers and local governments, it is and will remain our policy to audit or examine financial statements based on Generally Accepted Accounting Principles (GAAP) provided by the local government for that purpose. We encourage those governments that foresee a benefit to GAAP statements to maintain their records in accordance with GAAP and prepare full GAAP statements for audit.

If a local government prefers financial reporting based on GAAP, the entity may prepare and present those statements for audit or examination from their records maintained on that same basis. Our opinion will be given on the GAAP statements presented to us at the time of audit or examination.
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EFFECTIVE DATE: March 19, 2015

Entities providing their financial statements through the Gateway that do not present GAAP statements and maintain GAAP records at the time of audit or examination will have an audit or examination of the regulatory statements presented through Gateway.

Paul D. Joyce, CPA State Examiner

(FOOTNOTE: We wonder if Mayor Winnecke has complied  with this directive from Paul Joyce, CPA State Examiner for the years of 2015 and 2016)

 

FOOTNOTES: Our next “IS IT TRUE” will be posted on this coming Monday?

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2 COMMENTS

  1. DLGF > Gateway > Overview

    The Department of Local Government Finance and the State Board of Accounts, in partnership with the Indiana Business Research Center at Indiana University, have developed the Indiana Gateway for Government Units (“Gateway”). Gateway allows local units of government to submit data to certain state agencies online. Local officials have the ability to submit budget forms and debt reports to the Department, and annual financial reports and employee compensation reports to the State Board of Accounts. Submitted information is immediately available for review by state agencies and is accessible online by the public shortly thereafter.

  2. INDIANA BUSINESS RESEARCH CENTER

    The Indiana Business Research Center (IBRC), established in 1925, is a research unit in the Kelley School of Business at Indiana University. The IBRC provides and interprets economic information for the state’s business, government and nonprofit organizations, as well as users of such information throughout the nation.

    The IBRC maintains databases on topics such as income, employment, taxes, industry sectors, education, and demographics, as well as other economic indicators for the nation, the state and local areas. The Center conducts original research to generate information when existing data are not available or sufficient.

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