Government Accounting


The Federal Accounting Advisory Standards Board (FASAB) issues an exposure draft, Identifying and Reporting Earmarked Funds ( www.fasab.gov/exposure.htm ). The ED distinguishes such funds from traditional trust or fiduciary activities and requires that financial statements present the cumulative amount designated for specific federal programs. If adopted, the proposal would be effective for periods beginning after September 30, 2005. Comments are due December 17.

GASB issues Guide to Implementation of GASB Statement No. 40 on Deposit and Investment Risk Disclosures: Questions and Answers, a reference and instructional tool for financial statement preparers and attestors. Copies (product code GQA40) are available from GASB at 800-748-0659 or at http://store.yahoo.com/gasbpubs/publications-implementation-guides.html .

SPONSORED REPORT

CPEOs provide peace of mind around payroll services

The creation of these new IRS-certified service providers for small businesses clarifies some issues around traditional professional employer organizations.

QUIZ

News quiz: Senate health care bill in the spotlight

Reports related to the Republican bill to repeal many provisions of the PPACA, other tax issues, and the giant AICPA ENGAGE Conference offered a diverse reading list for June. See how much you know about recent news with this short quiz.