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GASB 77 Compliance Solutions from Parker Poe Consulting

  • Client Alerts, Firm News
  • February 17, 2016

GASB 77 requires governments to include the value of forgone revenue that has resulted from tax abatement agreements in their future financial statements. Our consultants employ the following three-step process to assist governments with these new GASB 77 reporting requirements:

  • Comprehensive review of all tax abatement and incentive agreements including those entered into by other governments affecting the reporting government's tax revenue.
  • Financial analysis including both the government's incoming tax revenues and forgone tax revenues resulting from the tax and incentive agreements identified in Step 1.
  • Interface directly with accountants, auditors and all affected levels of government (i.e. cities, towns and school districts), maximizing the probability for a successful review and audit.

Contact us for more on how we can help: Mark Simmons at Mark@ParkerPoeConsulting.com or Milton Pope at Milton@ParkerPoeConsulting.com.