Government Accounting


GASB issues Statement no. 39, Determining Whether Certain Organizations Are Component Units ( www.gasb.org/news/nr052802.html ). Under it state and local governments with certain fundraising organizations, such as not-for-profit foundations that have a relationship with public universities and/or school districts, must include in their financial statements separate presentations of those subordinate entities’ financial activities. The new guidance amends Statement no. 14, The Financial Reporting Entity (June 1991). It is effective for financial statements covering periods beginning after June 15 and is available from GASB at 800-748-0659 or at www.gasb.org . In a separate announcement on its Web site ( www.gasb.org/tech/GASB_39_error.html ), GASB provides wording inadvertently omitted from the first printed copies of Statement no. 39; copies of it distributed after June 3 contain the statement’s full text.

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IRS sets start date for tax season

The IRS announced that tax season will start in late January and that it will issue refunds to taxpayers despite the partial shutdown of the federal government.

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Why CPAs can’t wait on automation tools

What do accounting firms waiting on others to develop AI, automation, and data analytics tools have in common with a baseball fan sitting in a stadium filling with water at an exponential rate? The answer could determine your firm’s fate.