Government Accounting

The Federal Accounting Standards Advisory Board (FASAB) issues an exposure draft, Accounting for Fiduciary Activities ( ). 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 ( ) or by phone (202-512-7350).


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.