skip navigation
MRSC logo

Have a Research Question?

Ask MRSC

Have a Research Question?

Ask MRSC
About Our Blog Our Authors

MRSC Insight Blog


Posts for Financial Reporting

SBITAs: New Reporting Requirement for the 2023 Annual Financial Report

February 14, 2024  by  Eric Lowell
Category:  Financial Reporting

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. 

Read more

A close up of a person reviewing financial data

Changes for 2022 Annual Reporting for Cash Basis Entities

February 27, 2023  by  Eric Lowell
Category:  Financial Reporting

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. 

Read more

Donations and Local Governments: The Basics of Giving and Receiving

June 2, 2022  by  Eric Lowell
Category:  Financial Reporting ,  Gift of Public Funds

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?

Read more

The Annual Financial Report for 2020

February 25, 2021  by  Eric Lowell
Category:  Financial Reporting

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

Read more

What’s New with Form 1099?

January 7, 2021  by  Eric Lowell
Category:  Accounting ,  Financial Reporting

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

Read more

Choosing the Right Annual Financial Report for Your Entity

May 11, 2020  by  Mike Bailey
Category:  Financial Reporting

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.

Read more

Annual Financial Reporting Options: Cash-Basis

April 30, 2020  by  Toni Nelson
Category:  Financial Reporting

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

Read more

Annual Financial Reporting Options: GAAP-Basis

March 12, 2020  by  Mike Bailey
Category:  Financial Reporting

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

Read more

Annual Financial Reporting Options for Washington Local Governments

February 27, 2020  by  Mike Bailey
Category:  Financial Reporting

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

Read more

​The Annual Financial Report for 2019

January 23, 2020  by  Toni Nelson
Category:  Financial Reporting

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

Read more

New Guidance in Accounting for and Reporting Leases

November 4, 2019  by  Mike Bailey
Category:  Accounting ,  Financial Reporting ,  Revenues

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

Read more

The Annual Financial Report for 2018 (Part 2)

February 27, 2019  by  Toni Nelson
Category:  Financial Reporting

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.

Read more

​The Annual Financial Report for 2018 (Part 1)

February 25, 2019  by  Toni Nelson
Category:  Financial Reporting

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. 

Read more

Year End is a Busy Time for Finance

January 4, 2019  by  Toni Nelson
Category:  Financial Reporting

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.

Read more

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

May 12, 2015  by  Toni Nelson
Category:  Financial Reporting

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.

Read more

LOAD MORE