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October 14, 2021

October 14, 2021

Michigan Committee on Governmental Auditing and Accounting

October 14, 2021

Meeting Agenda

    1. Call to order
    2. Prior Meeting Minutes Approval
    3. Thank you to Cindy Catanach of Livingston County for her service to the committee
    4. Recent Activity at Treasury
      1. Flexible Extensions Phased Out as of October 15
      2. Numbered Letter 2021-6, [Exposure Draft] Accounting for Marijuana Revenues
      3. Numbered Letter 2020-3, Financial Reports Filing Standards- Searchable Audits. July 1, 2021, date has come and audits must now comply.
      4. Webinars
        1. Chart Chat Webinar
          1. Reaction and Assessment
          2. Future Topics
        2. Tools and Resources Webinar
    5. Road Commission Accounting Manual
    6. Budget Manual (revised August 2001)
    7. Revision/Retraction of MCGAA Statements
      1. Options
        1. Take down all MCGAA statements and have one blanket statement.
          1. Transfer active statements to Numbered Letters
          2. New guidance would be Numbered Letters
        2. Keep MCGAA Statements and revise/remove.
          1. New guidance would be Numbered Letters
          2. New guidance would continue to be MCGAA statements
            1. Need to determine distinction between MCGAA statement and Numbered Letters
      2. Determine to revise or delete
        1. All will need to be evaluated regardless of which option is chosen
          1. 15 Implementation of GASB Statement No. 54 Jun-11
          2. 14 Funding of Retiree Health Care Obligations Jan-08
          3. 13 Rescission of Statement No. 7 Nov-06
          4. 12 Accounting and Reporting Infrastructure Assets City and Villages Sep-06
          5. 11 Accounting and Reporting Infrastructure Assets County Road Commissions Jul-06
          6. 10 Accounting and Reporting Infrastructure Assets Local Water and Sewer Systems and County Drains Aug-01
          7. 9 Revenue Recognition of Property Taxes May-01
          8. 8 No-Commitment Debt or Conduit Debt Feb-01
          9. 6 Financial Reporting of Deferred Compensation Plans in Michigan Jun-99
          10. 4 Definition of the Financial Reporting Entity (A Consolidation of Prior Statements No. 4 and No. 5) Dec-05
          11. 2 Accounting and Financial Disclosure of Building Authorities Nov-78
    8. Numbered Letters
      1. See enclosed
    9. Upcoming Meetings
      1. To be determined
    10. Suggested topics for next meeting
      1. Other Numbered Letters and MCGAA Statements to be Revised
    11. Adjourn