Government


GASB issued a technical bulletin that clarifies the requirements for calculating the annual required contribution (ARC) adjustment under GASB Statement no. 27, Accounting for Pensions by State and Local Governmental Employers, and Statement no. 45, Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions.

Technical Bulletin no. 2008-1, Determining the Annual Required Contribution Adjustment for Postemployment Benefits, applies to situations in which the actuarial valuation separately identifies the actual amount that is included in the ARC related to the amortization of past employer contribution deficiencies or excess contributions to a pension or other postemployment benefit (OPEB) plan. The technical bulletin encourages using the actual amount, if known, for the ARC adjustment in place of the estimation procedures of Statement no. 27 and Statement no. 45.

The technical bulletin can be purchased at www.gasb.org.

SPONSORED REPORT

How to make the most of a negotiation

Negotiators are made, not born. In this sponsored report, we cover strategies and tactics to help you head into 2017 ready to take on business deals, salary discussions and more.

VIDEO

Will the Affordable Care Act be repealed?

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.

QUIZ

News quiz: Scam email plagues tax professionals—again

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.