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.
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