Government Accounting

The Federal Accounting Standards Advisory Board issued an exposure draft of a proposed Interpretation, “Items Held for Remanufacture” ( ), that would provide guidance for the classification, valuation and reporting of items held for remanufacture prior to sale or issuance, such as items being inspected, disassembled, evaluated, cleaned, rebuilt, refurbished and restored to serviceable or technologically updated or upgraded condition. The proposed interpretation would not apply to stand-alone items, such as entire airplanes, ships, tanks, intercontinental ballistic missiles or other higher assemblies that function independently. It applies existing standards, including Statements of Federal Financial Accounting Standards nos. 3, 6 and 23, to items held for remanufacture. Comments are due October 16, 2006.

The Governmental Accounting Standards Board issued an implementation guidance Q&A on qualifying other postemployment benefits (OPEB) plan trusts and the responsibilities of those who play a significant role in the functions of an OPEB plan that includes such a trust, for purposes of accounting and financial reporting in accordance with GASB Statement nos. 43, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans, and 45, Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions ( ).


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.