Government Accounting And Auditing


A FASAB proposed standard would eliminate the requirement to report changes in certain receivables from the public as a resource on the statement of financing. Comments are due by June 8 ( www.financenet.gov/financenet/fed/fasab/pdf/ed_para80.pdf ).

New FASAB guidance amends standards for direct loans and loan guarantees, effective for periods beginning after September 30, 2002 ( www.financenet.gov/financenet/fed/fasab/pdf/sffas-19.pdf ).

The Social Security program’s financial stability will last until 2038—one year longer than previously expected—based on recent adjustments in the economic and demographic data underlying future SS payment projections ( www.ssa.gov/enews/enewspress031901.htm ).

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In focus: Payroll

Providing payroll services that comply with ever-changing regulations and meet evolving employee and employer demands is no easy task. Paychex's Tom Hammond discusses common payroll considerations for CPA firms.