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Phase II – Implementation – Current Status
•Review/conceptual design of STARS changes currently in progress (to discuss in later section of training session) •In process (early stages) with Series Z (financial reporting system) modifications
•Establishment of a state-wide advisory committee
•Training efforts
•Implementation efforts will intensify upon completion of the current year State of SC Comprehensive Annual Financial Report (CAFR)
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KPMG brought together its best and brightest to develop a Government Reporting Implementation Process or GRIP designed to assist in establishing policies and implementing processes to generate GASB 34 financial statements.
What sets GRIP apart is its focus on making sure the target develops policies and processes that will allow financial statement preparation long after the GRIP engagement teams leaves.