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.
Upcoming Events & Seminars
- Supreme Court Overturns Federal Law Prohibiting Sports BettingMay 15, 2018
- The BlueBird Certified Public Accountants Scholarship for Native American Accounting Students 2018 RecipientApril 26, 2018
- Shining Stars Nominates Andrew Hofstetter as HonoreeApril 26, 2018
- Pueblo of Pojoaque Loses $10 Million in Gaming Revenues in Dispute with State of New MexicoMarch 28, 2018
- NIGC Announces the Publication of Final Rule for Part 547January 4, 2018