Governmental Accounting


The Financial Accounting and Standards Advisory Board (FASAB) requests comments on an exposure draft. Titled Accounting for National Defense PP&E and Associated Cleanup Costs, the ED amends current standards for ND property, plant and equipment by changing its definition, the method of accounting for it and the information reported about it. The ED also proposes that such PP&E consist of two separate categories of items—major end items and mission-support items. This approach, FASAB says, makes it easier to apply expense recognition standards and disclosures for different types of these items. Comments are due by November 29. (


6 key areas of change for accountants and auditors

New accounting standards on revenue recognition, leases, and credit losses present implementation challenges. This independently-written report identifies the hurdles that accounting professionals face and provides tips for overcoming the challenges.


How tax reform will impact individual taxpayers

Amy Wang, a CPA who is a senior technical manager for tax advocacy at the AICPA, answers to some of the most common questions on how the new tax reform law will impact individual taxpayers.