October 29, 2020

Michigan Committee on Governmental Accounting and Auditing Statements

October 29, 2020

Meeting Agenda

1. Call to order
2. Prior Meeting Minutes Approval
3. New Business
   1. GASB 84, 97, and Pension Plan Audits
      1. Numbered Letter 2020-6 Draft
      2. Stipend
      3. DC plans and Health Care Savings Plan
         1. When and how to include in audit
            1. Financials go into audit or just the note?    
         2. See the state audit
4. Delinquent Tax Revolving Fund Rafaeli, LLC v Oakland County
   1. The Michigan Supreme Court unanimously ruled July 17 that counties cannot sell tax-foreclosed property at a profit without compensating the individual from whom the property was taken.
   2. New Rafaeli liability account needed?
5. Marijuana, Accounting for
   1. Does it need a separate fund? Do we need to set up new revenue accounts?
      1. Tax (439 is currently be used for Marijuana Tax)
         1. Excise 10% Sales 6%
      2. Application and Permit Fees Annual Regulatory Assessment
   2. Do we need to set up new activities?
   3. Can proceeds be moved to the General fund?
6. New GASB’s – Do we need to issue any guidance on any of these?
   1. GASB 92 Omnibus 2020
   2. GASB 93 Replacement of Interbank Offered Rates
   3. GASB 94 Public-Private and Public-Public Partnerships and Availability Payment Arrangements
   4. GASB 95 Postponement of the Effective Dates of Certain Authoritative Guidance
   5. GASB 96 Subscription-Based Information Technology Arrangements
   6. GASB 97 Internal Revenue Code Section 457 Deferred Compensation Plans—an amendment of GASB Statements No. 14 and No. 84, and a supersession of GASB Statement No. 32
   7. Technical Bulletin No. 2020-1 (GASB)
      1. Accounting and Financial Reporting Issues Related to the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and Coronavirus Diseases
7. Old Business
   1. CARES Act
      1. Any comments or input on what we could or should be doing?
   2. Uniform Chart of Accounts
      1. Exposure draft – The deadline has passed. We will issue the final version in November.
   3. Chart Chat
      1. October 15, 2020
      2. January 28, 2021
   4. Road Commission Accounting Manual
   5. Budget Manual (revised August 2001)
   6. Other Manuals
   7. Audit Guide for Transportation Authorities (revised June 2007)
      1. Being re-written by MDOT
8. Upcoming Meetings
   1. January
   2. April
   3. July
   4. October
9. Suggested topics for next meeting
   1. Budget Manual Revision
10. Adjourn