Government Accounting


The Federal Accounting Advisory Standards Board (FASAB) issues an exposure draft, Identifying and Reporting Earmarked Funds ( www.fasab.gov/exposure.htm ). 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 http://store.yahoo.com/gasbpubs/publications-implementation-guides.html .

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Building client loyalty with payroll services

In this report, CPA experts detail their tactics for performing successful payroll services, how to mitigate risk in the process, and the impact payroll can have as a value-added service.

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Using drones to enhance audits

Hermann Sidhu, CPA, global assurance digital leader at EY, walks us through EY’s exciting new project to use drones to help audit large warehouses and outdoor inventories.