NAFOA Policy Alert: Relief Given to Tribal Government Audits on FASB-Based Financial Statements

NAFOALogo

The AICPA released Technical Questions and Answers, which provides some relief to tribal governments that issue FASB-based financial statements and represents AICPA’s view of what a CPA should consider when preparing the financial statements of a tribal government entity.  NAFOA’s Financial Management Advisory Committee has been in the process of advocating a solution that would allow tribal governments to use FASB standards without receiving an adverse audit opinion. Included in the document is a section that permits an auditor to issue a dual opinion regarding compliance with GASB and FASB standards, an adverse opinion for GASB financials and a clean opinion for FASB standards. The dual opinion approach is a first step in finding a longer-term solution.

CONTACT US

We're not around right now. But you can send us an email and we'll get back to you, asap.

Sending

© 2017 Bluebird Certified Public Accountants | 5585 Kietze Lane | Reno, Nevada 89511 | Phone: 775-827-5999 | Fax: 775-827-2104 

Log in with your credentials

Forgot your details?