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MRSC Insight Blog


Posts for Financial Reporting

SBITAs: New Reporting Requirement for the 2023 Annual Financial Report

SBITAs: New Reporting Requirement for the 2023 Annual Financial Report

SBITAs, or subscription-based IT arrangements, are one of the new reporting requirements public agencies must consider when filling the 2023 Annual Comprehensive Financial Report. Agencies should review all IT-related contracts to determine which qualify as a reportable SBITA. 

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A close up of a person reviewing financial data

Changes for 2022 Annual Reporting for Cash Basis Entities

The addition of a few new notes as well as the removal of others are just a few of the changes local governments will encounter when they begin the annual financial report filing process. The deadline for filing is May 30, 2023, for both cash basis and GAAP entities. 

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Donations and Local Governments: The Basics of Giving and Receiving

Donations and Local Governments: The Basics of Giving and Receiving

What is the process for local governments to receive donations? Can local governments make donations without violating the state's gift of public funds provisions?

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The Annual Financial Report for 2020

The Annual Financial Report for 2020

This blog post reviews a few of the major updates to the Annual Financial Report for reporting year 2020.

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What’s New with Form 1099?

What’s New with Form 1099?

This blog discusses new changes to Form 1099 and Form 1096.

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Choosing the Right Annual Financial Report for Your Entity

Choosing the Right Annual Financial Report for Your Entity

In the final installment of this four-part series, this blog post compares cash-basis and GAAP-reporting options for filing the required annual financial report.

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Annual Financial Reporting Options: Cash-Basis

Annual Financial Reporting Options: Cash-Basis

This blog post describes the cash-basis reporting option available to local governments for filing an annual financial report.

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Annual Financial Reporting Options: GAAP-Basis

Annual Financial Reporting Options: GAAP-Basis

This blog post describes the GAAP-reporting option for annual financial reporting for local governments.

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Annual Financial Reporting Options for Washington Local Governments

Annual Financial Reporting Options for Washington Local Governments

This blog article describes the annual financial reporting options available to local governments in Washington State. 

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 ​The Annual Financial Report for 2019

​The Annual Financial Report for 2019

This blog post highlights changes to the State Auditor’s Office Annual Financial Report for ‘cash-basis’ accounting and reporting entities.

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New Guidance in Accounting for and Reporting Leases

New Guidance in Accounting for and Reporting Leases

This blog post looks at the new standards the Governmental Accounting Standards Board has released regarding accounting for and reporting leases. 

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The Annual Financial Report for 2018 (Part 2)

The Annual Financial Report for 2018 (Part 2)

This 2-part series highlights changes to the annual update to accounting and reporting requirements (BARS Alerts & Overview of Significant Changes). This post focuses on changes to Notes to Financials and in the Supplemental Schedules.

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​The Annual Financial Report for 2018 (Part 1)

​The Annual Financial Report for 2018 (Part 1)

In this 2-part series, Financial Consultant Toni Nelson will be highlighting changes to the annual update to accounting and reporting requirements (BARS Alerts & Overview of Significant Changes) from the State Auditor's Office. Part 1 focuses on changes to the Chart of Accounts. 

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Year End is a Busy Time for Finance

Year End is a Busy Time for Finance

This article reviews some of the most important year-end reporting requirements and deadlines, including the "open period" and federal W-2, W-3, and 1099-MISC reporting requirements.

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Beyond the Annual Financial Report: Communicating Your Agency's Financial Data

Beyond the Annual Financial Report: Communicating Your Agency's Financial Data

As financial reporting to the State Auditor's Office wraps up, Toni Nelson explains some other types of financial reports you should be providing to management and elected officials.

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