Changes are on the way for how local governments must report economic development incentives on their financial statements, due to new accounting regulations.
New guidelines were approved by the Government Accounting Standards Board (GASB) in August. Those guidelines, collectively known as Statement 77, mandate that local governments must disclose any financial statements information about tax abatement agreements.
“These new requirements will affect local governments granting abatements as economic development incentives as well as economic development professionals who work to locate companies in South Carolina,” said David Cuda, president of the South Carolina Economic Developers’ Association (SCEDA) and director of corporate solutions, South Carolina, for Colliers International. “SCEDA is hosting a half-day seminar that will cover all aspects of this new financial reporting requirement and the impact the requirement will have on economic development activities. Attorneys, accountants, local government finance professionals, site consultants and economic developers will all find this seminar useful, as these new reporting requirements are effective for financial statements for periods beginning Dec. 15, 2015.”
SCEDA’s seminar will take place on Nov. 18 at the Columbia Conference Center in Columbia. To register, visit www.SCEDA.org.