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 REPORT

Supercharge your audit process with AI

Auditors today can employ AI to automate tedious tasks and gain far greater insights from their clients’ information. This free report lays out a five-step process for implementing AI and shows ways AI can add value to the auditing process.

RESOURCES

Keeping you informed and prepared amid the coronavirus crisis

We’re gathering the latest news stories along with relevant columns, tips, podcasts, and videos on this page, along with curated items from our archives to help with uncertainty and disruption.