New standard guides public-private partnership disclosures

The change is meant to ensure federal government accountability.

Federal reporting entities must make new disclosures about public-private partnerships on general-purpose financial statements under recently issued guidance from the Federal Accounting Standards Advisory Board.

The board's Statement of Federal Financial Accounting Standards 49, Public-Private Partnerships: Disclosure Requirements, established a definition of a public-private partnership.

The standard identifies risk-based characteristics that need to exist before considering the partnership arrangement or transaction for disclosure. If these characteristics and other criteria are met, the standard requires disclosure of quantitative and qualitative information. The information is intended to assist users in understanding the nature of public-private partnerships, including:

  • The relative benefits/revenues received in exchange for the government's consideration.
  • The contractual terms governing payments to and from the government.
  • Related risks to the government, including those deemed remote.


Year-end tax planning and what’s new for 2016

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.


News quiz: Retirement planning, tax practice, and fraud risk

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.


Bolster your data defenses

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.