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 .

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.