Government Accounting

GASB publishes Statement no. 42, Accounting and Financial Reporting for Impairment of Capital Assets and for Insurance Recoveries, which requires governments to report in their financial statements the effects of capital asset impairment when it occurs. Events that could produce such results include physical damage, variations in legal or environmental factors, technological changes or obsolescence, alterations in the manner or duration of an asset’s use and construction stoppage. The guidance also enhances financial statements’ comparability by requiring all governments to account for insurance recoveries in the same manner ( ). The statement is effective for fiscal years beginning after December 15 and is available from the GASB order department at 800-748-0659 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.