Government Accounting

FASAB’s Accounting and Auditing Policy Committee issued an exposure draft of a new Federal Financial Accounting Technical Release, Clarification of Standards Relating to Inter-Entity Cost. The ED provides guidance to federal entities on three aspects of inter-entity costing outlined in SFFAS 30, Inter-Entity Cost Implementation Amending SFFAS 4, Managerial Cost Accounting Standards and Concepts, which becomes effective Sept. 30, 2008. They are: (1) guidance on costs that should be considered broad and general for all entities; (2) guidance on Directness of Relationship to the entity’s operations as used in determining if a transaction should be considered material to the receiving entity; and (3) guidance on Identifiability as used in determining if a transaction should be considered material to the receiving entity.

The ED is available at or by calling 202-512-7350. Comments are requested by Aug. 6.


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.