Government Accounting

GASB approves Statement no. 41, Budgetary Comparison Schedule—Perspective Differences, to clarify existing guidance on budgetary comparisons in Statement no. 34, Basic Financial Statements—and Management’s Discussion and Analysis—for State and Local Governments ( ). Affected entities should implement the required change in accounting when they adopt Statement no. 34. For those that already have implemented the older rule, the new statement is effective for reporting periods beginning after June 15, 2002. Statement no. 41 is available from the GASB order department at 800-748-0659 or on the Web at .

The Federal Accounting Standards Advisory Board (FASAB) issues Technical Bulletin 2003-1, Certain Questions and Answers Related to The Homeland Security Act of 2002. The guidance is based largely on FASB Statement no. 144, Accounting for the Impairment or Disposal of Long-Lived Assets, modified for federal entities. It provides accounting and reporting guidance for government entities whose operations have changed or been transferred with the passage of the act and the creation of the Department of Homeland Security. The bulletin’s provisions are effective for reporting periods beginning after September 30, 2002, and it is available from FASAB by phone (202-512-7350) or on the Web at .


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.


News quiz: Retirement planning, tax practice, and fraud risk

Recent reports focused on a survey that gauges the worries about retirement among CPA financial planners’ clients, a suit that affects tax practitioners, and a guide that offers advice on fraud risk. See how much you know with this short quiz.


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.