The Washington’s State Auditor’s Office (SAO) conducted 13 roundtable gatherings in 2018 informing local governments of upcoming changes. New updates include changes to the SAO website and new tools for local governments including significant changes to the Cash-Basis Budgeting, Accounting, and Reporting System (BARS) manual. These changes, which will be available once the SAO’s new website is launched in early 2019, will make it easier for readers to read and find specific information. For more information see the SAO newsletter.

SAO also announced several changes being directed by the Governmental Accounting Standards Board (GASB).

Creation of preliminary views allows the public to weigh in on potential future changes before implementation of the changes. Two preliminary views, GASB website, are open to public comment through February 15, 2019:

• Financial Reporting Model Improvements
• Recognition of Elements of Financial Statements.

Seven GASB statements will take effect over the next 2 years beginning with the 2019 reporting period. More information will become available after GASB publishes an implementation guide.

GASB statements are the set of rules that entities follow when conducting financial transactions. SAO is forming a workgroup that will evaluate the lease standard, Statement 87, and work through interpreting the standard. SAO is looking for a city (or a few city participants) that have leases and are willing to dig into the standard and do some research. The end result will be an understanding of the new standard, Q&A interpretation from GASB, and implementation information.

Email Debra Burleson: debra.burleson@sao.wa.gov or Stacie Tellers: stacie.tellers@sao.wa.gov with questions or to indicate interest in participating.