[OSSSA218] Fwd: FW: NASACT News - February 2011

[Karen PARK]

Karen Park

Oregon State Social Security Coordinator
Oregon PERS
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karen.park at state.or.us

SL2

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>>> "DeVore, Vandee" <Vandee.DeVore at oa.mo.gov> 2/28/2011 6:48 AM >>>

FYI……
 
 
 


Visit Our Website:
www.nasact.orgNASACT News – February 2011
 
Visit http://www.nasact.org/nasact/newscenter/news.cfm to see the latest issue of NASACT News. Below is a brief synopsis of feature articles.
 
Comptrollers Meet in March to Examine Challenges and Opportunities
By Clark Partridge, State Comptroller of Arizona, and 2010-11 President of NASC
May you live in interesting times. This is a purported Chinese proverb and curse. The current economic downturn and its transcendent transformation process on state government certainly qualify from my perspective as “interesting times.” Many may view these times from a curse perspective, especially given the attendant difficulties and negative outcomes. I prefer to view these times with the same light offered by many proverbs; with the intent to be taught and instructed on fundamental principles, which, if followed, can prevent future misery and yield a large measure of good. The key is to determine what we are going to do with our circumstances and opportunities, then do it.
 
Government Withholding Relief Coalition Continues Push to Repeal 3% Withholding Requirement
The Government Withholding Relief Coalition, of which NASACT is a member, is continuing its push on Capitol Hill to repeal the three percent withholding requirement. The provision, which was passed in 2006, would require federal, state and local governments to withhold three percent on most payments including Medicare payments, farm payments, and certain grants.  
 
Help Repeal the 3% Withholding Requirement
NASACT is asking all members to contact their congressional delegations to ask for support of these important provisions. A draft letter template is available on NASACT’s website at www.nasact.org/washington/annoucements.cfm. Please include in your letter specific information about potential costs to your state, as Congressional members have requested cost estimates when discussing the provision previously. Contact information for senators can be found at www.senate.gov and representatives at www.house.gov. Please copy any correspondence to the NASACT Washington office at cchebinou at nasact.org so that a compendium of letters can be maintained and NASACT staff can follow up with the individual congressional offices. Any questions about this issue should be directed to Cornelia Chebinou or Neal Hutchko at (202) 624-5451.
 
1099 Repeal Gaining Traction
Last year a provision was included as part of the Health Care Reform legislation to expand the current 1099 reporting requirement to any entity from which a purchase of $600 or more in goods and services was made. Previously, payments to corporations were exempt from the reporting requirement.
 
State Groups Come Together to Get the Facts Out on Bankruptcy, Defaults and Public Pensions
State and local government organizations have come together to get out the facts on the condition of municipal finance in response to a bevy of news reports and congressional interest in the matter. The groups include the National Governors Association, National Conference of State Legislatures, Council of State Governments, National Association of Counties, National League of Cities, U.S. Conference of Mayors, International City/County Managers Association, National Association of State Budget Officers, NASACT, the Government Finance Officers Association, and the National Association of State Retirement Administrators.
 
The House Continues to Focus on “State Bankruptcy” In February
Even though no states have asked for it, allowing states to declare bankruptcy has continued to be a much-discussed topic in the House during the month of February. 
 
Register Now for NASACT’s Next Webinar: March 15, 2:00 p.m. ET
Public Private Partnerships: From Accounting to Implementation
Register now for the webinar “Public Private Partnerships: From Accounting to Implementation.” The webinar will be held on Tuesday, March 15, at 2:00 p.m. Eastern time. Budget shortfalls are requiring states to fundamentally re-assess their approaches to the delivery of public services. At the same time, increasing investment in the nation’s critical infrastructure is required to maintain and enhance economic competitiveness.
 
The GASB Considers Additions to its Conceptual Framework That Could Have Significant Impact on Governmental Fund Presentations
The Governmental Accounting Standards Board, through its current conceptual framework project addressing recognition and measurement approaches, is considering an approach that could substantially change the type of information presented as part of governmental fund financial statements. NASACT members are encouraged to closely monitor the developments of this project because of the importance of governmental fund presentations.
 
NASACT Lifetime Member Earle Morris Dies, 82
Earl Morris, Jr., lifetime member of NASACT and former comptroller general of South Carolina, died on Friday, February 11 after a battle with prostate cancer. He was 82.
 
Kalbert Young Confirmed in Hawaii
Kalbert Young, who was nominated by Hawaii Gov. Neil Abercrombie to serve as director of the state’s Department of Budget and Finance, was confirmed on February 15 by the Hawaii’s Senate for the position. 
 
David Lillard Named to NASACT’s Executive Committee
David H. Lillard, Jr., was recently named to fill a vacancy on NASACT’s Executive Committee. He is one of three at-large treasurer representatives on the committee.
 
NASACT Becomes a Supporting Organization of Values and Guiding 
Principles of Public Procurement
NASACT recently joined the National Institute of Governmental Purchasing, and several other public sector organizations, on a collaborative effort to develop standards of practice for public procurement. Procurement is a valuable component of successful government operations and it serves many stakeholders, including NASACT’s members.  
 
 
Blue-Ribbon Panel Addressing Standards for Private Companies Submits Recommendations to FAF 
In late-January, a blue-ribbon panel addressing how U.S. accounting standards can best meet the needs of users of private company financial statements issued a report of its recommendations to the Financial Accounting Foundation. The report calls for fundamental changes to the system of standard setting, including the creation of a new  
board, to be overseen by the FAF, that would focus on making exceptions and modifications to U.S. GAAP for private companies to better respond to the needs of the private company sector. The report also recommends the creation of a differential framework-a set of decision criteria-to facilitate a standard setter’s ability to make appropriate, justifiable exceptions and modifications. The report does not advocate a move toward a separate, self-contained GAAP for private companies or a comprehensive reorganization of GAAP.
 
 
More
 
Information Sharing Calendar
Middle Management Conference Preview
NSAA Annual Conference Preview
 
Upcoming Events
2011
 
March 15
Webinar: P3 – From
Accounting to
Implementation
 
March 23-25
NASC Annual Conference
Phoenix, AZ
 
April 13-15
Middle Management Conference
Portland, OR
 
May 4
Webinar: Government Auditing Standards, 2011 Revision
 
June 14-17
NSAA Annual Conference
Williamsburg, VA
 
July 20
Webinar: GASB Update
 
August 13-17
NASACT Annual Conference
Burlington, VT
 
September 27-30
NSAA IT Workshop and Conference
Denver, CO
 

 
 
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