FASAB is seeking input on the exposure
draft, Distinguishing Basic Information,
Required Supplementary Information, and Other
Accompanying Information . The ED proposes
amendments to Statement of Federal Financial
Accounting Concepts 2, Entity and Display ,
which would provide conceptual guidance for
determining categorizing information in financial
reports. The ED also poses questions on issues such
as the factors that should be considered in
distinguishing each category. Comments are requested
by June 26. The ED and accompanying questions are
available at www.fasab.gov/exposure.html
GASB issued an exposure draft of
proposed changes to Concepts Statement no. 2,
Service Efforts and Accomplishments
Reporting . The proposal seeks to clarify
GASB’s role in service efforts and accomplishments
(SEA) reporting as well as to provide research
updates to the original ED, issued 14 years ago.
Comments are requested by July 3. The ED is
available at www.gasb.org .
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.