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.

PODCAST

What’s next for potential CPA licensure changes

A new model proposed by NASBA and the AICPA is designed with an eye on the future for newly licensed CPAs. The AICPA's Carl Mayes, CPA, provides background on the project and a look ahead to 2020.

VIDEO

What RPA is and how it works

Robotic process automation is like an Excel macro that can work on multiple applications, says Danielle Supkis Cheek, CPA. RPA can complete routine, repetitive tasks such as data entry, freeing up employee time from lower-level chores.