GASB 70: Non-Exchange Financial Guarantees
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Understand how to establish an applicant tracking system for all applicants and the process required for electronic applications.Many federal contractors who are required to prepare affirmative action plans often do not understand how to track the race and gender of applicants in a manner that will satisfy the Office of Federal Contract Compliance Programs (OFCCP). They also do not understand how to track electronic applications in a manner that will satisfy the OFCCP as is required by their newly implemented regulations that went into effect earlier this year. This material helps the persons responsible for applicant tracking to understand how first to establish an applicant tracking system for all applicants and then how to understand the process required for electronic applications, and explains the method required for analyzing the race and gender of applications received and how this relates to the hiring process. Failing to have a proper applicant flow system is the most common error employers make in reporting to the OFCCP. It has often led to discrimination awards of many thousands of dollars. This information is critical for employers so they can ensure their tracking system of electronic systems meets the new OFCCP requirements.
AuthorsKaren McMurray, CPA, CFE, CICA, CGMA, Blackburn, Childers & Steagall, PLC
What Are Non-Exchange Financial Guarantees and When Does the Accounting for Them Apply?
• When GASB 70 Does Apply
• When It Does Not Apply
What Are the Accounting and Financial Standard Requirements for GASB 70?
• Required Note Disclosures-Issuer and Guarantor
• Required Calculations to Be Made and Recorded in the Financial Statements
• Example Disclosures
• Example Descriptions of Recording the Guarantee
• Example Journal Entries