HomeMy WebLinkAboutM-01-0724• CITY OF MIAMI, FLORIDA 0 38
INTER -OFFICE MEMORANDUM
TO The Honorable Mayor and Members
DATE :
June 29, 2001 FILE
Of the City Commission
SUBJECT
Discussion Item
FROM
4CityVManag25er749k
REFERENCES,
ENCLOSURES:
At the City Commission meeting of June 25, 2001, the Commission directed
management to include a discussion item relating to the City's implementation of
Governmental Accounting Standard Board (GASB) Statement number 34, on the
Agenda of City Commission meeting of July 10, 2001. GASB Statement number 34
mandates the implementation of significant and sweeping changes in the reporting of
financial transactions. For example, the City would be required to identify, value and
report on its financial statements, infrastructures such as roads, bridges, and sidewalks.
The City's Audit Advisory Committee (Committee), as part of its oversight functions
has been monitoring the City's efforts towards the implementation of GASB Statement
number 34, and two members of the Committee would be in attendance to clarify
and/or answer any questions relating to its monitoring efforts.
Ernest/Young (accounting firm) has been retained to provide the City with a
"Readiness Assessment" in connection with the implementation of GASB Statement
34. Upon completion of the review process, Ernest/Young would provide the City
with a checklist of implementation guideline, and the Finance department staff would
be responsible for performing the actual implementation.
CAG/Vll
01- 724