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 .

FEATURE

Maximizing the higher education tax credits

A counterintuitive strategy can save taxes by including otherwise excludable scholarships in gross income.

SPONSORED REPORT

Solving the lease accounting challenge

The challenges of the new lease accounting standard have been pervasive to say the least. In this free, independently-written report, you'll learn effective adoption strategies as well as resources for easing the transition to the new standard.