Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance Gaap Waiver topic
No spam. Unsubscribe anytime.
Topeka board adopts GAAP waiver for fiscal year 2026
Summary
The Topeka Public Schools board voted unanimously June 25 to adopt Resolution 26‑012, waiving conversion of district financial statements to Generally Accepted Accounting Principles (GAAP) for fiscal year 2026; finance staff said the change reduces administrative conversion work and lowers audit fees while audits continue.
The Topeka Public Schools Board of Education unanimously adopted Resolution 26‑012 on June 25, approving a waiver that will let the district report its fiscal‑year 2026 financial statements on a cash/regulatory basis rather than converting them into Generally Accepted Accounting Principles (GAAP).
Finance staff told the board the shift is primarily administrative and intended to reduce the time and cost of translating district accounting records into GAAP for audit presentation. "It's really more of an administrative burden," said Mr. Buucy, who presented the item to the board, adding that the district will continue to be audited annually.
Board members asked whether the change would reduce accountability or meaningful financial oversight. A staff‑affiliated CPA responded that the district conducts its business on a cash or regulatory basis and that the GAAP conversion is a backend translation performed for financial‑statement presentation. "The only time we use GAAP is for our financial statements," the CPA told the board, and said audit procedures and standards will remain in place.
The resolution was described as retroactive to the 2025–26 school year so that financial statements prepared for that year will follow the cash/regulatory presentation going forward. Staff said they will bring similar items to the July meeting for recurring approval of the practice.
The board voted without recorded opposition. The motion passed unanimously.
Next steps: staff will proceed with the changed financial‑statement presentation and continue standard audit work; the board will see a recurring July agenda item to formalize the practice for future years.
