The Latest from Crawford CPAs

Crawford and Associates is committed to promoting public accountability and stewardship of public resources. We are significantly involved as leaders in the state and local government financial management arena. We'll keep you informed of the latest developments and other company news via these blog postings.

  • Home
    Home This is where you can find all the blog posts throughout the site.
  • Categories
    Categories Displays a list of categories from this blog.
  • Tags
    Tags Displays a list of tags that have been used in the blog.
Recent blog posts

Posted by on in Accounting Chat

The Governmental Accounting Standards Board (GASB) has issued three new statements that will improve accounting and financial reporting for postemployment benefits other than pensions (OPEB), mainly retiree health insurance, and pension plans outside the scope of GASB 67 and 68.  That brings the total statements issued by GASB up to 75.  The specific titles and effective dates of these new statements are:

 

                GASB Statement No. 73, Accounting and Financial Reporting for Pensions and Related Assets That Are Not within the Scope of GASB Statement 68 and Amendments to Certain Provisions of GASB Statements 67 and 68 – effective for fiscal years beginning after June 15, 2015—except those provisions that address employers and governmental nonemployer contributing entities for pensions that are not within the scope of Statement 68, which are effective for financial statements for fiscal years beginning after June 15, 2016.

 

                GASB Statement No. 74, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans – effective for fiscal years beginning after June 15, 2016.  This statement applies to OPEB plans and basically parallels GASB Statement 67 and replaces GASB Statement 43. 

 

                GASB Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions – effective for fiscal years beginning after June 15, 2017.  This statement applies to government employers who provide OPEB plans to their employees and basically parallels GASB Statement 68 and replaces GASB Statement 45.

 

 

These standards will be available for download on GASB’s website, www.gasb.org, in late June 2015.  Stay tuned for more details as they become available.

Continue reading
Hits: 6026
0

b2ap3_thumbnail_PRBoatTrip.jpgb2ap3_thumbnail_PRUnderwater.jpgb2ap3_thumbnail_PRJustinDwayne.jpg

Thanks to our wonderful Puerto Rico friends and hosts, the great people at CPA Diaz-Martinez, the Crawford & Associates staff and friends were treated to a fabulous day on the Caribbean sea on the Saturday following the 2015 Crawford & Associates Government Training Program conference. A catamaran ride to an exclusive island with swimming and snorkeling over a reef provided the perfect end to a great week in San Juan! Even had sting rays and a barracuda join us. Also looks like Justin and Dwayne were having too much fun posing with their pretty hats! We can't thank our dear friends in Puerto Rico enough for a great experience!

Continue reading
Hits: 1504
0

The Oklahoma Society of CPAs held its 2015 Governmental Accounting & Auditing Conference on May 11 - 12, 2015 at the Embassy Suites Hotel and Conference Center in Norman, OK. Once again this year the conference featured a number of Crawford & Associates professional staff, including Frank Crawford, Mike Crawford, Chris Pembrook, and Marcy Twyman, presenting sessions on pension accounting, AICPA issues update, financial statement consistency, and deficiencies in cash basis financial statements. The conference offered 16 hours of governmental CPE and continues to be one of the most well attended and well received conferences of the OSCPA.

 

Continue reading
Hits: 1987
0

The Governmental Accounting Standards Board (GASB) has issued its final standard on accounting and financial reporting issues related to fair value measurements. This standard (GASB Statement 72, Fair Value Measurement and Application) is applicable primarily to investments made by state and local governments and defines fair value and describes how fair value should be measured, identifies the assets and liabilities that should be measured at fair value, and requires specific information about fair value to be disclosed in the financial statement footnotes.

This Statement defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The new standard also expands note disclosures to categorize fair values according to their relative reliability.

Statement 72 is effective for financial statements for periods beginning after June 15, 2015, and earlier application is encouraged. More information about the GASB and Statement 72 is available from the GASB web site.

Continue reading
Hits: 3461
0

b2ap3_thumbnail_PRBeach.jpg

Crawford & Associates P.C. and the Puerto Rico Society of CPAs are proud to announce their joint venture in sponsoring and presenting the 2015 Government Learning Program conference. This is the first annual conference of its type and promises to be a unique and fun learning experience offering 16 hours of continuing professional education, in a special setting that offers wonderful tropical weather, ocean views and Puerto Rican hospitality. The conference will be held May 28 and 29, 2015 in beautiful San Juan, Puerto Rico at the fabulous San Juan Marriott Resort & Stellaris Casino. The two-day conference will be an interactive learning program where program participants work in teams or groups to learn the latest in governmental accounting, auditing, fraud prevention and detection, and ethics. The 2015 Government Learning Program is open to all governmental accountants, auditors and officials both inside and outside of Puerto Rico.  

For more information about the conference, including session schedules, instructors, and conference and hotel information, Click Here. For additional detail session description information, Click Here.

For hotel reservations, Click Here, and ask for the group rate of the CPA Society Group May 2015 or Colegio de CPA Group May 2015.

We hope to see all of you at this fun and educational event!

Continue reading
Hits: 2860
0

Posted by on in Laws Chat

Have you ever been confused about the legal and operational relationships between Oklahoma public trusts (commonly referred to as authorities) and their municipal beneficiary? Mike Crawford has prepared a white paper entitled Oklahoma Municipalities and Their Public Trusts that provides useful information in a question and answer format to help bridge this gap in understanding. The white paper covers such issues as why municipal public trusts were created by law, how they are created, the separation of formal actions and accountability between public trusts and their beneficiary municipality, governing body differences between the two separate legal entities, and operational and financial management similarities and differences. This white paper is available for viewing and download from the Useful Tools page of our web site under the section entitled Legal.

Continue reading
Hits: 2560
0

Posted by on in Crawford Chat

The Oklahoma Municipal League's annual Budget Process Workshop for 2015 was held on Friday, January 30 at Rose State College. Crawford & Associate's managing shareholder Marcy Twyman annually shares her vast budget experiences and municipal financial management expertise with a large number of municipal officials. This annual training program is one of OML's  most popular workshops. Information about this annual workshop is available through the OML web site.

b2ap3_thumbnail_OMLmarcyteaching.png

Continue reading
Hits: 1527
0

Posted by on in Crawford Chat

Beginning in 2014 and over the next couple of years, the Oklahoma Society of CPAs will be publishing in their CPA Focus magazine a series of inspirational articles written by Mike Crawford entitled The Ten Principles for a Happy Life and Career. The first article entitled "Don't Rule Out Principles" discussed the importance of living life by certain core principles rather than just a vast array of rules. The following ten articles to be published one every two months will outline each of the ten principles that Mike feels have been instrumental in leading him through his happy life and successful career. These articles can be viewed as published as posted in the Authored Articles section of the firm's web site.

Continue reading
Hits: 1248
0

Over a five year period from 2004 through 2009, the Oklahoma Society of CPAs published in their CPA Focus magazine a series of humorous articles written by Mike Crawford. The series entitled A Funny Thing Happened on the Way to Work provided a history of the funny and unusual adventures or misadventures of Mike and sometimes his brother Frank as they grew up and eventually began travelling the world as part of their professional activities. These stories have, over time, become legendary within the firm's national and international public speaking circles. In 2010, Mike was given a special award from the Oklahoma Society of CPAs for writing this humorous series of articles and bringing laughter to those with whom he shared his stories. These articles have been posted and can be viewed within the Authored Articles section of the firm's web site.

Continue reading
Hits: 1390
0

Posted by on in Crawford Chat
  • Congratulations to our new CFA, Chris Pembrook, CPA who has successfully passed the program requirements to achieve the status as a Certified Forensic Accountant. Way to go Chris!
  • See our unique office decor by stopping by the corporate headquarters of Crawford & Associates to experience our unique office that doubles as a rock and roll museum and memorial to classic rock. Click here to view 
  • OSCPA writes feature article, CPA's Rock Stock Climbs, about Mike Crawford's rock and roll memorabilia collection and the firm's unique office decor. Click here to read
Continue reading
Hits: 1240
0

Posted by on in Laws Chat

HB 1875  Reduces OTC sales tax collection retention fee paid by cities and towns to 0.5%.

HB 2405  Limits tort liabilities based on Oklahoma constitution or state law to the limits of the Governmental Tort Claims Act.

HB 2480  Allows regional economic development authorities to levy a sales tax not to exceed 2% for economic development or transportation needs.

HB 2630  Requires OPERS to establish a defined contribution plan for state employees on or after 11/1/2015.

HB 3217  Amends statutes regarding a petition for the State Auditor audit of any political subdivision. Petition signatures will now require 25% of those voting is last general election.

HB 3251  Amends Public Competitive Bidding Act by increasing expenditure limit for emergency purchases from $35,000 to $75,000.

SB 212  Authorizes Police Pension System to refund municipal contributions when paid by mistake of fact.

SB 1023  Prohibits cities and towns from setting minimum wage and employee benefit requirements for employers within its jurisdiction.

Continue reading
Hits: 1313
0

Posted by on in Travel Chat

We pride ourselves on having a group of professionals that truly enjoy their work and the work environment at Crawford & Associates.

Our staff are more than just professional associates, they are a work family that truly care for each other. We strive to set and maintain a "family first" work environment while still providing the highest level of quality professional services to our clients on a timely basis.

We enjoy group activities together including, Thunder basketball games and other enjoyable outings. As a firm-wide favorite, we even shut the office down for a week every few years to embark on a weeklong firm and family cruise.

The staff enjoying our 2010 firm cruise of the Western Caribbean!

Continue reading
Tagged in: Family atmosphere |
Hits: 1500
0

Posted by on in Accounting Chat

Nov 2013 - GASB issues Statement 71 dealing with  pension transition issues related to contributions made subsequent to the measurement date.

Continue reading
Hits: 1380
0

Posted by on in Laws Chat

HB 1081  Amends the unit price exemption in change orders on public construction contracts from $10,000 to $20,000.

HB 1874  Allows the Oklahoma Tax Commission and municipalities to enter into contracts providing for the OTC collection of municipal lodging taxes.

HB 2078  Amends Firefighter Pension System laws for changes to the plan, including an increase in minimum contribution requirements by the municipal employer and employee from a combined 21% to 23%, with minimum firefighter contribution rates increased from 8% to 9%, and minimum municipal employer rates increased from 13% to 14%, effective November 1, 2013.

SB 461  Amends Public Competitive Bidding Act to prohibit awarding a public construction contract exceeding $50,000 to any contractor affiliated with a purchasing cooperative unless all Act provisions are met.

SB 630  Creates a new law on sole source purchase contracts.

SB 1090  Amends worker compensation law and allows municipalities to place workers comp judgments on the sinking fund ad valorem tax rolls.

Continue reading
Hits: 1261
0

Posted by on in Audit Chat

CAROLYNN CAUDILL, Oklahoma County Clerk - April 26, 2006 Press Release: Oklahoma County Undergoes Comprehensive Financial Analysis, Receives Overall Grade Above Satisfactory
Oklahoma City - Oklahoma County officials on Wednesday received results of a first-ever comprehensive analysis of the County’s financial health and performance...“We at the Oklahoma County Clerk’s Office feel the people of Oklahoma County deserve high quality, professional financial information on a regular basis, and are pleased to make available this special report demonstrating the financial condition, performance and capabilities of their county government. It appears Oklahoma County’s financial health is fine in some areas, but needs improvement in others, in the professional judgment of the highly-respected CPA firm of Crawford & Associates, based on their review of the award-winning annual financial reports our office has issued the past three years”, Caudill said.

The analysis, the first of its kind for an Oklahoma county, represents an examination of Oklahoma County’s annual financial condition and performance as evaluated by the firm of Crawford & Associates CPAs, using its Performeter® financial analysis tool. In an effort to expand the understanding of the annual financial reports of the County and provide the County with an additional financial management resource, Oklahoma County Clerk Carolynn Caudill took the initiative to submit the County’s annual financial statements for the 2003, 2004, and 2005 fiscal years for this comprehensive evaluation. Caudill’s office was awarded a prestigious Certificate of Excellence for Financial Reporting for each of those reports, by the Government Finance Officers’ Association, something it has earned for each of the past 11 years.

Continue reading
Hits: 1061
0

Posted by on in Laws Chat

HB 2928  Extends apportionment of state gross production tax for community water funds through June 30, 2016.  Beginning July 1, 2016 4.28% will go in to REAP grant fund. Provides funding source for municipal water projects. 

HB 2945  Increases the minimum value of confiscated property from $100 to $250 in which written notice of a hearing is required before disposition of property.

SB 46  Provides a sales tax exemption to the surviving unremarried spouses of 100% disabled veterans on sales not to exceed $1,000 per year.

SB 1075  Expands the conflict of interest exemption to municipalities with a population of not more than 5,000 and to activities not exceeding $5,000 for any single activity or $15,000 for all activities in a calendar year. Also clarifies that provisions do not apply in certain competitive bid circumstances.

SB 1471  Gives the State DHS the priority claim for refunds from the Tax Commission over municipal courts and district courts.

Continue reading
Hits: 989
0

Posted by on in Laws Chat

HB 1075 Reduces the amount of retainage required on partial payments for competitively bid construction contracts from 5% to 10%. Bill effective 11/1/11.

HB 1366 Allows a governing body to create a municipal energy district authority to coordinate enery-efficient improvements with electric utilities. Bill effective 11/1/11.

HB 1593 Repeals the Municipal employee Collective Bargaining Act that applied to municipalities with population over 35,000. Bill effective 11/1/11.

SB 96 Amends the Public Competitive Bidding Act by increasing from $2,500 to $5,000, the maximum construction contract that may be negotiated with a qualified contractor. Bill effective 11/1/11.

SB 123 and 216 Requires the Oklahoma Tax Commission to strengthen the audit and enforcement of municipal sales tax collection through a variety of efforts and actions, including the establishment of a state task force. Bills effective 8/26/11.

SB 331 Amends the taxpayer lawsuit provisions to remove certain liabilities to municipal officers from their actions and increases the number of registered voters required to initiate such a lawsuit from 10 to 100 or 2.5% of registered voters, whichever is less. Also, if the court determines the claim has merit, the related contract is deemed void and the money or property returned to the municipality. The municipality would then be liable for resident taxpayers reasonable attorney fees and court costs incurred. Bill effective 11/1/11.

SB 347 Provides for the forfeiture of pension benefits by a municipal officer or employee for any convicteion of a felony for bribery, corruption, forgery, perjury, or any other crime related to the duties of his/her office or employment. Bill effective 8/26/11.

SB 708 Requires development impact fees to be based on actual system improvement costs or certian reliable estimates for certain public infrastructure improvements and limits the use of such fees to specific purposes. Bill effective 11/1/11.

Continue reading
Hits: 1045
0

Posted by on in Laws Chat

HB 2541 Requires municipal courts to keep confidential all personal identifying information of the parties involved in any case, including credit card numbers, Social Security numbers and bank account numbers. It provides an exception for the Oklahoma Tax Commission for the purpose of collecting municipal court fees. The bill goes into effect on November, 1, 2010.

HB 2653 Creates a nine-member Task Force on Municipal Finance to examine the laws governing municipal finance for all forms of municipal government. It requires the task force to submit a report to the House speaker, Senate president pro tempore and governor by Jan. 31, 2011. It states that the task force is to terminate effective Feb. 1, 2011.

HB 3054 Creates the Municipal Fiscal Impact Act requiring a fiscal impact statement for a bill the legislative committee wishes to consider or approve. This will slow down legislative enactments of unfunded mandates. The bill goes into effect on November 1, 2010.

HB 2556 Establishes a 50-cent prepaid wireless 911 fee to be collected by the seller and remitted to the Oklahoma Tax Commission. It requires the Tax Commission to pay remitted prepaid wireless 911 fees to the governing bodies that the Statewide 911 Advisory Board has certified as eligible to receive the funds, and it requires the commission to develop a formula for allocation based on population. It directs revenue distributed to governing bodies to be used only for services related to 911 emergency wireless telephone services, including automatic number identification and automatic location information services. It prohibits any additional tax, fee, surcharge or other charge on prepaid wireless 911 services from being imposed by the state, any political subdivision or any intergovernmental agency for 911 funding purposes. The bill goes into effect on January 1, 2011.

HB 3313 Increases the amount from $25,000 to $50,000 for contracts for construction, labor, equipment, material or repairs to be awarded by public trusts to the lowest and best competitive bidder. It allows the trust to use funds in an amount exceeding $50,000 to award a contract without public notice or competitive bids if an immediate emergency exists and the use is necessary to avoid loss of life, substantial damage to property or damage to the public peace or safety. It also modifies language to require other construction contracts for the purpose of making any public improvements or constructing or making repairs to any public building for $50,000 or less to be awarded to the lowest responsible bidder by receipt of written bids or awarded on the basis of competitive quotes to the lowest responsible qualified contractor. It allows work to be commenced in accordance with the purchasing policy of the public agency. The bill also modifies language to allow other construction contracts for less than $25,000 to be negotiated with a qualified contractor. The bill goes into effect on November 1, 2010.

HB 2359 Allows municipalities to enforce or augment Oklahoma Tax Commission enforcement of their sales and use taxes through audits performed either directly or through contract with private auditors.

SB 1998 Allows boards of county commissioners to construct, improve, repair or maintain any streets of a municipality with a population of less than 5,000, subject to an agreement between the county and municipal governing bodies, without regard to whether the municipality has passed a sales tax with proceeds earmarked to construct, improve, repair or maintain any of the streets or roadways of the municipality. It clarifies that language pertinent to a municipality with a population of less than 15,000 pertains to a municipality with a population of less than 15,000 and more than 5,000. It allows a board of county commissioners to construct, improve, repair or maintain streets of such a municipality even if it has passed a sales tax. It also allows boards of county commissioners to construct, improve, repair or maintain any of the streets of a municipality if the county has a population in excess of 500,000, regardless of whether the municipality has passed a sales tax with proceeds earmarked for such construction or improvements. The bill went into effect on May 13, 2010.

Continue reading
Hits: 1171
0

Blog Archive

Latest Posts

b2ap3_thumbnail_BrendaTraining.jpg
Brenda Wright Provides Training to OMCTFO
Crawford Chat
As part of the firm's ongoing commitment to enha...
Continue Reading...
b2ap3_thumbnail_MarcyOML.jpg
Marcy Twyman Conducts 2019 OML Budget Workshop
Crawford Chat
Once again in January 2019, Crawford & Assoc...
Continue Reading...
2018 Oklahoma Legislative Update
Laws Chat
The 2018 Legislative session has come to an end an...
Continue Reading...
2017 Legislative Session
Laws Chat
Another  legislative session has come to an e...
Continue Reading...