Government


GOVERNMENT
The White House Office of Management and Budget (OMB) and the Department of Homeland Security (DHS) issued a paper on best practices for agencies to implement to improve security and privacy of their information systems to prevent identity theft. The guidance outlines the top 10 common mistakes for agencies to avoid in protecting personal information the government possesses. The paper includes recommendations from the President’s Identity Theft Task Force.

The OMB/DHS paper on best practices is available at http://csrc.nist.gov/pcig/document/
Common-Risks-Impeding-Adequate-Protection-Govt-Info.pdf
. The Identity Theft Task Force Strategic Plan is available at www.idtheft.gov/reports/StrategicPlan.pdf .

FASAB is soliciting input on its exposure draft Reporting Gains and Losses From Changes in Assumptions and Selecting Discount Rates and Valuation Dates. The ED proposes changes to enhance the information provided on the statement of net cost. This includes showing gains and losses from changes in assumptions as discrete line items to highlight the effects of changes in assumptions. Guidance is also proposed for selecting discount rates for liability measurement and codification of guidance on selecting valuation dates.

The ED is available at www.fasab.gov/exposure.html or by calling 202–512–7350. Comments are requested by Nov. 30.

Ohio Gov. Ted Strickland issued an executive order creating an audit committee responsible for increasing controls on state fiscal operations. The State of Ohio Audit Committee will be a division of the Office of Budget and Management and accountable for identifying and encouraging effective financial management, internal control and internal auditing practices in all components of Ohio’s government. The committee will submit a report annually to the governor and state auditor on its work. The report will include recommendations regarding the role of the committee.

SPONSORED REPORT

How the election may affect taxation of business income

This report summarizes recent proposals to reform the U.S. business income tax system and considers the path to enactment of any such legislation.

VIDEO

How to Excel pivot a general ledger

The general ledger is a vast historical data archive of your company's financial activities, including revenue, expenses, adjustments, and account balances. J. Carlton Collins, CPA, shows how to prepare data for, and mine data with, PivotTables.

QUIZ

Did you follow 2016’s biggest accounting news?

CPAs will remember 2016 as a year of new standards and new faces. How well did you follow the biggest accounting events? The 7 questions in this quiz will help you find out