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Parker Poe Consulting's Simmons Explains GASB 77

  • Client Alerts, Firm News
  • November 19, 2015

Mark Simmons, a Principal with Parker Poe Consulting, recently shared with a statewide gathering of municipal officers and developers his perspective on how new accounting standards will change the way South Carolina counties analyze and disclose the economic incentives they offer.

Simmons was a speaker at an educational session Wednesday, Nov. 18, in the Columbia Conference Center sponsored by the South Carolina Economic Developers Association and the Municipal Association of South Carolina.

Simmons provided the site consultant’s perspective on GASB 77, a new rule by the Governmental Accounting Standards Board that changes how state and local governments must report the financial impacts of incentives offered to new and expanding companies.

The rule goes into effect on Dec. 15 and, among other requirements, for the first time mandates the disclosure of tax abatement agreements in the counties’ annual financial statements.

“Now more than ever, counties need to do a thorough cost/benefit analysis on all incentives they offer to ensure the quality of these deals,” says Simmons, a veteran at negotiating and evaluating economic incentives that include tax abatements and infrastructure improvements.

About Parker Poe Consulting LLC
Parker Poe Consulting LLC is a South Carolina limited liability company and wholly owned subsidiary of Parker Poe Adams & Bernstein LLP. Parker Poe Consulting offers a full complement of services, including site selection and incentives negotiation, government relations, legislative monitoring, economic development, crisis management, and image counseling – to support some of the world's most prestigious companies. Clients include healthcare companies, manufacturers, public utilities, higher education institutions, counties and municipalities, as well as association management, among others.