Government Accounting


The Federal Accounting Standards Advisory Board (FASAB) issues Statement of Federal Financial Accounting and Auditing Technical Release 3 (revised), Auditing Estimates for Direct Loan and Loan Guarantee Subsidies under the Federal Credit Reform Act and Technical Release 6, Preparing Estimates for Direct Loan and Loan Guarantee Subsidies under the Federal Credit Reform Act ( www.fasab.gov/pdffiles/ ). Each amends the original Technical Release 3, Preparing and Auditing Direct Loan and Loan Guarantee Subsidies under the Federal Credit Reform Act, issued in July 1999. The new guidance is effective immediately.

The Governmental Accounting Standards Board (GASB) issues a revised exposure draft (ED), Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions ( www.gasb.org/news/ ). The ED addresses how state and local governments should account for and report their costs and obligations related to postemployment health care and other nonpension benefits—commonly referred to as “other postemployment benefits” (OPEB). GASB revised its February 2003 ED in response to comments on its treatment of implicit rate subsidies, which the current ED proposes be included in a government’s calculation of its OPEB costs and obligations. Comments are due April 30.

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.