Government Accounting


The Governmental Accounting Standards Board (GASB) issued two exposure drafts (EDs). One, Net Assets Restricted by Enabling Legislation—an Amendment of GASB Statements no. 34 and 44, proposes standards intended to clarify for preparers of state and local government financial statements the requirements for reporting net assets contained in GASB Statement no. 34, Basic Financial Statements—and Management’s Discussion and Analysis—for State and Local Governments. If enacted, the proposed statement would become effective for periods beginning after June 15, 2005. Comments on the ED were due August 31. The other ED, a proposed statement of governmental accounting concepts, Communication Methods, would provide a conceptual basis for selecting ways to present items of information within general purpose external financial reports that contain basic financial statements. Comments are due September 30. Each ED can be downloaded for a $15 fee at http://store.yahoo.com/gasbpubs/publications-exposure-drafts.htm .

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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.