Government Accounting

The Federal Accounting Standards Advisory Board (FASAB) published Statement of Federal Financial Accounting Standards (SFFAS) no. 29, Heritage Assets and Stewardship Land ( ). The standard reclassifies information on these assets and land as basic information, with the exception of condition information, which it classifies as required supplementary information. Most of the guidance is effective for reporting periods beginning after September 30, 2005, but certain disclosure requirements will be phased in over the next three years.

The Governmental Accounting Standards Board (GASB) issued Statement no. 47, Accounting for Termination Benefits ( ). It provides accounting and reporting guidance for state and local governments offering benefits such as early retirement incentives or severance to involuntarily terminated employees. In general the statement is effective for financial statements for periods beginning after June 15, 2005, but for termination benefits affecting defined-benefit postemployment benefits other than pensions, governments should implement Statement no. 47 simultaneously with Statement no. 45, Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions ( ). Both statements are available from GASB at or by calling 800-748-0659.


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.