Government Accounting


GASB issues Statement no. 39, Determining Whether Certain Organizations Are Component Units ( www.gasb.org/news/nr052802.html ). Under it state and local governments with certain fundraising organizations, such as not-for-profit foundations that have a relationship with public universities and/or school districts, must include in their financial statements separate presentations of those subordinate entities’ financial activities. The new guidance amends Statement no. 14, The Financial Reporting Entity (June 1991). It is effective for financial statements covering periods beginning after June 15 and is available from GASB at 800-748-0659 or at www.gasb.org . In a separate announcement on its Web site ( www.gasb.org/tech/GASB_39_error.html ), GASB provides wording inadvertently omitted from the first printed copies of Statement no. 39; copies of it distributed after June 3 contain the statement’s full text.

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.