Government Accounting


The Federal Accounting Standards Advisory Board (FASAB) issues an exposure draft, Accounting for Fiduciary Activities ( www.fasab.gov/pdf/trustf1.pdf ). The proposed standard shows how to distinguish, in a federal context, fiduciary activity from program activity that, in many cases, is called “trust fund” activity but actually represents taxes or other resources dedicated to specific federal programs. Comments are due July 31.

FASAB issues Statement of Federal Financial Accounting Standards (SFFAS) no. 23, Eliminating the Category National Defense Property, Plant and Equipment. In addition to rescinding the category, the statement’s standards classify as general PP&E all items previously considered ND PP&E and apply the provisions for general PP&E and associated cleanup costs contained in SFFAS no. 6, Accounting for Property, Plant, and Equipment. The standards also permit continued use of the composite or group depreciation methodology and are effective for periods beginning after September 30, 2002. Copies of SFFAS no. 23 are available from FASAB on the Web ( www.fasab.gov/concepts.htm ) or by phone (202-512-7350).

SPONSORED VIDEO

How KPMG is innovating the audit

KPMG's global audit team is using cognitive technology and alliances with tech and university partners to drive audit innovation. See how.

SPONSORED REPORT

States look to unclaimed property for revenue

This free report outlines the escheat process, common types of AUP, how different states are handling it and how companies can plan for potential audits and liabilities.