Government Accounting

The Federal Accounting Advisory Standards Board (FASAB) issues an exposure draft, Identifying and Reporting Earmarked Funds ( ). The ED distinguishes such funds from traditional trust or fiduciary activities and requires that financial statements present the cumulative amount designated for specific federal programs. If adopted, the proposal would be effective for periods beginning after September 30, 2005. Comments are due December 17.

GASB issues Guide to Implementation of GASB Statement No. 40 on Deposit and Investment Risk Disclosures: Questions and Answers, a reference and instructional tool for financial statement preparers and attestors. Copies (product code GQA40) are available from GASB at 800-748-0659 or at .


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.