Highlights
The AGA National Office will be closed Dec. 25–Jan. 1.
AGA Today will return on Jan. 19.
The Blog
will be on vacation from Dec. 22 to Jan. 5. Happy Holidays!
XBRL
Audio Conference Set for Jan. 21
AGA announces a new audio conference,
How XBRL Can Enable Improved Financial and Performance Based Reporting,
scheduled for 2–3:50 p.m. EST Jan. 21 and worth 2 CPE
hours.
Speakers are Clifton A. Williams, CGFM, CPA,
Partner, Grant Thornton LLP; and James Brimson, MS,
founder of Activity Based Management Institute.
Cost: $249 per site (UNLIMITED ATTENDANCE) if you
register on or before Jan. 16 and $299 thereafter.
SPECIAL PROMOTION: Government agencies and CPAG members who register
five or more offices will pay $200 per site.
Register online.
Print the Registration Form or
Special Promotion Registration Form and fax it to 703.684.6933
See the schedule for next year.
Training Opportunities
Registration and Hotel Rooms Now Open for AGA’s PDC in New Orleans
Join us in the “Big Easy” June 21–24, 2009, for AGA’s 58th Annual
Professional Development Conference & Exposition (PDC)—the premier
education and networking event of the year!
At the PDC, you can hear from dynamic speakers, make
new contacts, learn about the latest research, discover innovative
management techniques and see the technological tools that can aid
efficiency and improve effectiveness.
In addition to an excellent technical education program,
the PDC is packed with opportunities to network with colleagues from around
the country and make new friends. While you’re here, please be sure to
experience all the music, culture, history and fine dining New Orleans has
to offer.
Hotel Accommodations: This year’s
conference activities will take place at two hotels, the Marriott New
Orleans and the Sheraton New Orleans Hotel. For your convenience, both
hotels are located on Canal Street and are directly across the street from
each other.
We have reserved a block of rooms at the New Orleans
Marriott and the Sheraton New Orleans Hotel to accommodate PDC attendees.
The AGA room rate is $120 per night (plus tax) for single and double
occupancy. Rates are only guaranteed until May 29, 2009,
or until the block is sold out. We encourage you to make your hotel
reservations early, for the best price and availability.
To make a reservation, please call your preferred hotel
at 800.228.9290 (Marriott) or 888.627.7033 (Sheraton) and mention you are
attending the “AGA PDC” to receive the discounted rate.
Need Ethics Training? AGA Offers
Two Courses
Ethical Decision-Making
Ethical decision-making has never been as important as it is today for
public and private sector managers and leaders. This seminar goes beyond
compliance, beyond reviewing the rules, codes of conduct and conflicts of
interest. It is designed to help the participants recognize, analyze and
confidently resolve the many ethical dilemmas they face every day. This
course presents ethical dilemmas in a unique “right versus right” framework,
with participants determining which choice is the “higher right.” This
hands-on seminar allows participants to learn through continued practice in
small groups. Participants use their own experiences to “test drive” the
ethical framework offered in the course.
Ethics in the Workplace
A transparent ethical environment is crucial within any organization. We
read, hear and see ethical lapses on a daily basis. The course will provide
an understanding of the Federal Code of Ethics and how to apply the
principles to the workplace. It will address what to do when issues arise
that are not covered by existing policy or statute. The course will also
explore the risk-taking part of ethics, organizational tone, and the
differences between being ethical and being legal.
For pricing and additional information, please contact
Bekka Gehrmann, AGA’s education manager, at 800.AGA.7211, ext. 309.
AGA Advertising Opportunities!
Advertise in AGA's electronic newsletters—TOPICS and AGA Today!
Get maximum exposure and build your brand.
Find out what's available in an upcoming issue.
Click here for all the information you need to run your ad. Or, you can
contact April Force Pardoe. |
December 22,
2008 • News from the Profession
AGA Today is Brought to You by AGA Corporate
Partner Clifton Gunderson
 Clifton
Gunderson’s offices in Washington, D.C., Baltimore, MD, and Arlington, VA,
are seeking experienced professionals to join our public sector practice.
Ideal candidates will have 3+ yrs of Public Accounting or equivalent audit
experience along with a BA/BS in Accounting/IT/IS, CPA, CGFM, CISA
and/or CISSP. Duties will include audits of Federal entities, State & Local
audits (GASB), A-133 audits, and compliance auditing. To apply please e-mail
Michael.Armstrong@cliftoncpa.com
Obama Pick to Lead SEC Is Veteran Wall Street Regulator
President-elect Barack Obama has chosen a veteran regulator to
head the Securities and Exchange Commission, the beleaguered agency that
has been pilloried by lawmakers for failing to prevent the global
financial meltdown, senior Democratic officials said yesterday. The
selection of Mary L. Schapiro, who would be the first woman to chair the
SEC on more than an interim basis, follows a series of high-profile
controversies that have raised doubts about its competence as the chief
enforcer of Wall Street under the leadership of its current chairman,
Christopher Cox. The SEC's failure to detect Bernard L. Madoff's alleged
$50 billion Ponzi scheme before it was revealed last week has prompted
even Cox himself to question the agency's performance. —Amit R. Paley,
The Washington Post.
Read more.
Report on Embezzlement Blames
'Culture of Apathy and Silence'
Former D.C. tax manager Harriette Walters was able to embezzle more than
$48 million over two decades largely because a "culture of apathy and
silence" pervaded the District government's finance office, according to
a report released yesterday. The 122-page document was the culmination
of a year-long investigation by the law firm WilmerHale, which was hired
by the D.C. Council to conduct an independent review of the tax office
scandal. Walters and 10 accomplices, who did not work for the city, have
pleaded guilty to creating and laundering bogus tax refund checks. The
embezzlement scheme has been called the largest involving a city or
state government. The report lays out a damning account of the culture
inside the Office of Tax and Revenue, where employees failed to report
Walters's suspicious behavior to authorities and some "lined up" at her
office door for handouts. —David Nakamura and Hamil R. Harris, The
Washington Post.
Read more.
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Federal Accounting Corner
Financial Data Conversion
Moving to a new system presents all sorts of challenges,
not the least of which is how to represent data from the old system. Some
agencies convert old-year data into an old fiscal year which is then closed,
while others load them in as beginning balances to the new year. Loading
into an old year more faithfully replicates what had been done in the old
system, but having two years open at once may cause confusion and usually
taxes the system (i.e., two sets of year-to-date reports have to be run and
there may not be any beginning balances in the new year until the old year
is closed). —Simcha Kuritzky, CGFM, CPA.
Read the entire column.
States, Cities Spar Over
Stimulus Money
The nation’s cities and counties are asking Obama transition officials
to give them most of the infrastructure money from the
multibillion-dollar economic stimulus package, setting off a dispute
with the states over who can launch transportation projects the fastest.
The disagreement over the stimulus money partly reflects the increased
tension between state and local governments during a worsening
recession. Many city and county leaders already are upset at state
officials who are slashing aid to local governments to cover budget
gaps. Their anxieties over being shortchanged were heightened Dec. 2
when 48 current and incoming governors met with President-elect Barack
Obama to ask Obama to direct much of the stimulus money to states.
—Stephen C. Fehr, Stateline.org.
Read more.
U.S. Deficit Would Top $1
Trillion Under Accrual Method
The federal deficit for 2008 would top $1 trillion if the government had
to use the same accounting methods as private companies. And that
doesn't even account for the huge costs of the Wall Street bailout,
which didn't really start until the new budget year began on Oct. 1. The
government is promising $49 trillion more than it can deliver on Social
Security, Medicare and Medicaid over the next 75 years unless Congress
steps in to shore up the system. Some combination of tax increases,
benefit cuts or other policy changes is needed to stave off
unsustainable deficits. That was the finding Dec. 15 when the
administration released a 188-page "Financial Report of the United
States Government" for the 2008 budget year that ended on Sept. 30. The
report, released by the Treasury Department and the White House budget
office, found that under the accrual method of accounting used by
businesses, the deficit for 2008 would have totaled $1 trillion—not the
$455 billion reported in October under the cash system of accounting. —SmartPros.
Read more.
Madoff Arrest Raises Questions
About SEC Oversight
The arrest of investment manager Bernard Madoff on allegations that he ran a
$50 billion "Ponzi scheme" raises questions about the effectiveness of
the Securities and Exchange Commission's oversight of the investment
management industry. The SEC and Department of Justice on Dec. 12
launched parallel suits against Madoff, 70, who oversaw Bernard L.
Madoff Investment Securities LLC. Both agencies are trying to identify
if any assets remain, but regulatory observers argue that there were
several warning signs that should have triggered an SEC investigation
much earlier. Madoff's investment-advisory business was subjected to
oversight by the SEC in 2006, but a regulatory observer familiar with
the fund said that agency staffers in the SEC's Office of Compliance,
Inspections and Examinations never conducted a serious scrutiny of the
fund. —Ronald D. Orol, MarketWatch.
Read more.
Budget Gap Could Widen to $200
Billion
States face their worst fiscal challenge in 25 years as the national
recession could punch a $200 billion hole in state budgets over the next
two years, the head of the National Governors Association said Dec. 15.
The economic tailspin also is hitting state spending. For the first time
in 25 years, states expect to see a decrease in spending in the current
fiscal 2009 budget cycle, NGA and the National Association of State
Budget Officers said in the
Fiscal Survey of States released last week. Thirty-one states will
have to close nearly $30 billion in deficits from their current budgets
before they even begin drafting new fiscal plans for the coming year.
Five additional states also reported shortfalls, but didn’t include
figures. “As bad as the situation is for states right now, all
indications are that the fiscal conditions for states will continue to
deteriorate,” NASBO Executive Director Scott Pattison said. The current
recession, which officially began last December, is hitting states at
all levels, Pattison said, including corporate and sales tax revenues
whereas the 2001 recession hit primarily personal income taxes. “It’s
not a pretty picture,” Pattison said. —Pamela M. Prah,
Stateline.org.
Read more.
GAO Backs Improved Oversight of
Executive Pay-for-Performance
The government should improve the certification process for federal
agencies with performance-based pay systems for members of the Senior
Executive Service, according to a new report by the Government
Accountability Office. The report (GAO-09-82) found that while oversight
of the systems by the Office of Personnel Management and Office of
Management and Budget generally was satisfactory, the two could identify
ways to further improve and streamline the certification process for the
SES pay system and provide agencies with the guidance, tools and
training needed to implement those systems.Currently, agencies are
allowed to raise the SES pay cap from $158,000 to $172,200 if OPM and
OMB agree that an agency's appraisal system meets nine certification
criteria. —Brittany R. Ballenstedt, Government Executive.
Read more.
GASB Issues Two Documents
 In
mid-December the Governmental Accounting Standards Board (GASB) issued
two final documents that, respectively, amend Concepts Statement No. 2,
Service Efforts and Accomplishments Reporting, and provide guidance
regarding calculation of the annual required contribution (ARC)
adjustment relating to pensions and other postemployment benefits
(OPEB). Concepts Statement No. 5, Service Efforts and
Accomplishments Reporting (an amendment of Concepts Statement 2)
was developed based on the results of research conducted by the GASB and
others and monitoring of practice over the 14 years since the issuance
of Concepts Statement 2. Concepts Statement 5 does not establish
accounting and financial reporting standards. The new Technical
Bulletin, Determining the Annual Required Contribution for
Postemployment Benefits, clarifies that the use of actual known
amounts for purposes of calculating the ARC adjustment relating to
pensions and OPEB is consistent with the intent of existing standards.
For additional information, please visit
www.gasb.org.
FASAB Seeks Input on
Exposure Drafts
The Federal Accounting Standards Advisory Board (FASAB) is seeking input
on several exposure drafts:
Reporting Comprehensive Long-Term Fiscal Projections for the U.S.
Government. Comments are requested by Jan. 5, 2009
and a public hearing will be held on Feb. 25, 2009.
Estimating the Historical Cost of General
Property, Plant, and Equipment—Amending Statements of Federal Financial
Accounting Standards 6 and 23. Comments are due by Jan. 30,
2009.
The Hierarchy of Generally Accepted Accounting
Principles for Federal Entities, Including the Application of Standards
Issued by the Financial Accounting Standards Board. Comments are due
Feb. 2, 2009.
Social Insurance
Accounting, Revised. Comments are due by Feb. 9, 2009.
Find all exposure drafts on the
FASAB website.
Intergovernmental Cooperation
Focus of AGA Radio Show on WFED AM 1500
Intergovernmental cooperation will be discussed on AGA's second radio
show, set for 12:05 p.m. EST. Jan. 13. Your Money, Your Government,
hosted by AGA Executive Director Relmond Van Daniker, DBA, CPA, airs on
WFED AM 1500. Speakers include a panel of government financial
management experts involved in AGA’s Partnership for Intergovernmental
Management and Accountability: Martin J. Benison, CGFM,
Comptroller, Commonwealth of Massachusetts; David R. Bennett,
CGFM, CPA, Director of Accounts and Budgets, Assistant County
Mayor, Blount County, TN, and AGA Immediate Past National Treasurer;
Thomas N. Cooley, Chief Financial Officer, National Science
Foundation; and Jeanette Franzel, CGFM, CPA, Director,
Financial Management and Assurance, Government Accountability Office.
Listen to the shows
online and check out the upcoming show and speaker schedule.
Early Registration for AGA’s Seventh Annual
National Leadership Conference Ends Jan. 25
 As
a new administration takes office, government financial managers are
deeply committed to producing timely, reliable and useful financial
information, with the goal of running government programs more
efficiently. At AGA’s National Leadership Conference (NLC), those
sentiments are more than just words.
The NLC brings together the top minds in the industry
to share leadership secrets, the newest management techniques and the
most recent information on always-changing standards and regulations. In
addition to offering 14 CPE hours and an outstanding technical program,
the NLC also provides unparalleled opportunities to network, exchange
ideas and meet new friends. Speakers include:
-
Tom Allen, Chairman, Federal Accounting Standards Advisory
Board
- Ernest A. Almonte, CGFM,
CPA, CFE, Chairman, American Institute of Certified Public
Accountants, and Auditor General, State of Rhode Island
- Douglas Brook, Ph.D., Professor,
Naval Postgraduate School, and former Under Secretary (Comptroller) and
CFO (Acting), Office of the Secretary of Defense, U.S. Department of
Defense
- Lisa Casias, CPA, Deputy Chief
Financial Officer, U.S. Department of Commerce; AGA National
President-Elect Designate
- Thomas N. Cooley, Chief Financial
Officer and Director, Office of the Budget, Finance and Award
Management, National Science Foundation
- Former Congressman Tom Davis
- Gene L. Dodaro, CGFM, Acting
Comptroller General of the United States, U.S. Government Accountability
Office
- Ron Elving, Senior Washington
Editor, National Public Radio
- Peter Franchot, Comptroller, State
of Maryland
- Scott Pattison, Executive
Director, National Association of State Budget Officers
Don’t forget to reserve your room at the JW Marriott
on Pennsylvania Avenue. The AGA room rate is $209 (plus tax) until
Jan. 31, or until the block is sold out. To make a reservation,
please call the hotel at 800.393.2503 and mention you are attending the
“AGA NLC” to receive the discounted rate. You may also
reserve a room online.
Stay tuned to the
website for more information about the conference agenda, speakers
and sessions. But don’t wait. Show your commitment to
excellence—register today.
Are You Looking for Ways to
Reduce Your Expenses? AGA Can Help
Sign up for AGA’s Expense Recovery Auditing course. This course is vital
for any financial manager looking for ways to reduce budget outlays,
without reducing funding for programs within their organization. It
examines the process of planning, performing and contracting for expense
recovery audits. Participants will be provided with an overview of such
audits and will explore ways to identify high payoff areas such as:
• Utility expenses
• Fuel Taxes
• Fleet Management
• Construction Recoveries
• Lease Exposure
• Duplicate Payment issues
• Hidden Taxes
The course also includes a discussion of contracting for services, as well
as the advantage of conducting audits in-house. Finally, the process
used to recover overpayments made, as well as steps necessary to adjust
accounts going forward will be explored.
Read more details about these and other AGA-sponsored training courses,
or contact AGA Director of Education
Joe Jozefczyk at 800.AGA.7211, ext. 307.
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