The FASAB extended the comment
deadline for the exposure draft, Accounting
for Federal Oil and Gas Resources, until
Jan. 11. The ED, published in May, proposes a new
framework of standards to recognize the estimated
value of royalties from federal oil and gas
leases, changes in those values over time, and the
amount of royalties designated for distribution to
other entities such as state governments. The
proposed framework, if adopted, is expected to be
applied to other natural resources.
Currently, no specific accounting standards for
federal oil and gas resources exist. There is also
no federal financial reporting about the quantity
or value of these assets.
The results of the 2016 presidential election are likely to have a big impact on federal tax policy in the coming years. Eddie Adkins, CPA, a partner in the Washington National Tax Office at Grant Thornton, discusses what parts of the ACA might survive the repeal of most of the law.
Even as the IRS reported on success in reducing tax return identity theft in the 2016 season, the Service also warned tax professionals about yet another email phishing scam. See how much you know about recent news with this short quiz.