Government Accounting

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 ED and the specific questions raised are available at


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.