06/20/05 GAAP Workshops Offered Regionally
On February 2, 2005, the American Institute of Certified Public Accountants (AICPA) issued an interpretation of one of its auditing standards (i.e., AU Section 623, Special Reports ) that affects those local governments (e.g., libraries, townships, villages, and special districts) that prepare their financial statements using a cash basis of accounting. According to this new AICPA interpretation, these local governments must adjust their cash basis financial statements to substantially conform with the display requirements of Generally Accepted Accounting Principles in order to avoid an adverse audit opinion. In other words, the cash financial statement presentation must “look like” a GAAP presentation; otherwise, the Ohio Auditor of State or contracted independent public accountant firm is required to issue a dual opinion: an adverse opinion indicating that the statements do not conform to GAAP and a second opinion based on the actual presentation chosen by the local government.
To help Clerk-Treasurers in public libraries understand what is required to prepare statements that “look like” GAAP, the Ohio Library Council has partnered with the Auditor of State's office to present informational workshops at various locations around the State. There is no registration fee for these workshops but advanced registration is required because seating at each location is limited. Speakers will vary at each location, but all speakers will be representatives from the Auditor of State's office.
The dates and locations of the workshops follow. All workshops begin at 10:00 a.m. and end at 3:00 p.m. with a noontime break for lunch. Lunch will be “on your own.” Attendees will be given information about nearby eateries at each site. The program sites include:
August 25, 2005
Westerville Public Library
126 South State Street
Westerville
September 16, 2005
Ohio Valley Area Libraries
252 W. 13 th Street
Wellston
September 21, 2005
Lane Administration Center
(Lane Public Library)
1396 University Blvd.
Hamilton
October 13, 2005
Findlay-Hancock County Public Library
206 Broadway
Findlay
October 21, 2005
Tuscarawas County Convention & Visitors Bureau
124 E. High Avenue
New Philadelphia
To register for this workshop, e-mail jrazon@olc.org . On the subject line of your message, write Auditor of State Workshop . In the body of your message, include your name, your library, your phone number, and the site at which you'll attend .
OLC will confirm your registration by return e-mail.
