Detroit files for bankruptcy

Trying to stop 60 years of decline, Detroit is the largest American City to file for bankruptcy.   The governor's representative, Kevin Orr discusses the 15 months he has left in his 18 month term, to try to help Detroit.   The lawyer for the retirement systems see it as betrayal, as well as others who view it as a dark day.   Many citizens will watch this situation with interest.  http://www.freep.com/article/20130718/NEWS01/307180107/Detroit-files-Chapter-9-bankruptcy-amid-staggering-debts

Moody's affirms U.S. bond rating

Says this represents a move toward stability.   Go triple A....but don't get too confident.   http://www.reuters.com/article/2013/07/18/us-usa-ratings-moodys-idUSBRE96H1AC20130718

constituents provide input into GASB processes

is detailed in this article http://www.governing.com/blogs/view/gov-the-trouble-with-gasb.html

Gifts in kind valuation for nonprofits

and some of the related issues are addressed in this 2011 piece regarding some well-known charities  http://www.charitywatch.org/articles/valueinwonderland.html

Nonprofit governance tips

to ensure that unexpected issues do not arise.   15 useful policies outlined in this article. http://journalofaccountancy.com/News/20138217.htm

Nonprofits ripe for fraud?

See this article that discusses the necessity for internal controls in the mission driven NFP sector.   Doing good is great, but do so with open eyes to the realities of the world, so that you can continue to "do good".  http://journalofaccountancy.com/News/20138221.htm

GASB issues proposal for pension transition

to eliminate potential source of understatement  by governments in the transition for GASB 68.   Comments are being sought through 8/26  http://journalofaccountancy.com/News/20138266.htm