Government


The Federal Accounting Standards Advisory Board (FASAB) released an exposure draft, Subsequent Events: Codification of Accounting and Financial Reporting Standards Contained in the AICPA Statements on Auditing Standards. The proposal would incorporate the guidance in the AICPA’s Statements on Auditing Standards (SAS) AU section 560, Subsequent Events, into the authoritative FASAB literature.

 

Events or transactions that affect the financial statements may occur subsequent to the end of the reporting period but before the financial statements are issued. Some of those transactions and events require adjustments to the financial statements, while others may require disclosure in the notes to the financial statements. The ED addresses circumstances to consider in determining whether the financial statements require adjustment or disclosure.

 

The comment period ended Dec. 28. The ED is available at fasab.gov/exposure.html.

SPONSORED REPORT

Cybersecurity threats proliferating for midsize and smaller businesses

This report details how SMBs can properly protect private information from breaches, design and implement a cybersecurity policy, and create safeguards for training and education.

QUIZ

Test yourself on these often confused words

The spelling checker on your word processing program can do only so much to flag problems. Your best insurance is to learn the troublesome words that trip up writers and use them correctly by the standards of formal, written English.