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.
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.
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.
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.