Government Accounting


The Federal Accounting Standards Advisory Board (FASAB) published Statement of Federal Financial Accounting Standards (SFFAS) no. 29, Heritage Assets and Stewardship Land ( www.fasab.gov/pdffiles/sffas_29.pdf ). 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 ( www.gasb.org/st/summary/gstsm46.html ). 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 ( www.gasb.org/st/summary/gstsm45.html ). Both statements are available from GASB at http://store.yahoo.com/gasbpubs or by calling 800-748-0659.

SPONSORED REPORT

Revenue recognition: A complex effort

Implementing the new standard requires careful judgment. Learn how to make significant accounting judgments and document them and collaborate with peers for consistent application.

VIDEO

How to Excel pivot a general ledger

The general ledger is a vast historical data archive of your company's financial activities, including revenue, expenses, adjustments, and account balances. J. Carlton Collins, CPA, shows how to prepare data for, and mine data with, PivotTables.

QUIZ

News quiz: Taking an economic snapshot and looking to the future

Recent news included IRS actions that affect individuals and partnerships and a possibly influential move by a Big Four accounting firm.Take this short quiz to see how much you know about the news.