Governmental Accounting


GOVERNMENTAL ACCOUNTING

The Financial Accounting and Standards Advisory Board (FASAB) requests comments on an exposure draft. Titled Accounting for National Defense PP&E and Associated Cleanup Costs, the ED amends current standards for ND property, plant and equipment by changing its definition, the method of accounting for it and the information reported about it. The ED also proposes that such PP&E consist of two separate categories of items—major end items and mission-support items. This approach, FASAB says, makes it easier to apply expense recognition standards and disclosures for different types of these items. Comments are due by November 29. (www.financenet.gov/financenet/fed/fasab/exposure.htm)

SPONSORED REPORT

Year-end tax planning and what’s new for 2016

Practitioners need to consider several tax planning opportunities to review with their clients before the end of the year. This report offers strategies for individuals and businesses, as well as recent federal tax law changes affecting this year’s tax returns.

QUIZ

News quiz: IRS warning on cyberattacks and a change in pension rules

Once again, the IRS sounds the alarm about a threat from cyberthieves. See how much you know about this and other recent news with this short quiz.

CHECKLIST

Bolster your data defenses

As you weather the dog days of summer, it’s a good time to make sure your cybersecurity structure can stand up to the heat of external and internal threats. Here are six steps to help shore up your systems.