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Neodesha commission adopts GAAP waiver for 2025 financial reporting
Summary
The commission adopted Resolution 25‑26 waiving GAAP reporting requirements for the City's 2025 statements and directing cash‑basis reporting for state compliance.
The Neodesha City Commission adopted a resolution on Dec. 18 finding that Generally Accepted Accounting Principles (GAAP) financial statements are not necessary for the city's cash‑basis reporting and waiving the GAAP requirement for the year ended Dec. 31, 2025. The resolution cites K.S.A. 75‑1120a and a prior city Charter Ordinance exempting certain fixed‑asset requirements.
"RESOLUTION NO. 25-26 A RESOLUTION FINDING THAT FINANCIAL STATEMENTS AND REPORTS PREPARED IN CONFORMITY TO GENERALLY ACCEPTED ACCOUNTING PRINCIPLES ARE NOT RELEVANT..." reads the resolution excerpt in the record. The commission directed that financial statements for the city be prepared on a cash‑receipts and disbursements basis adjusted to show compliance with state cash‑basis and budget laws.
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