Government Accounting


GASB approves Statement no. 40, Deposit and Investment Risk Disclosures, to inform financial statement users of risks related to credit, interest rates, foreign currency or other factors that could affect a government’s ability to provide services and meet its obligations ( www.gasb.org/st/index.html ). The guidance, which amends Statement no. 3, is effective for financial statements for periods beginning after June 15, 2004, but the board encourages earlier application. Copies (product code GS40) can be ordered on the Web at http://store.yahoo.com/gasbpubs/publications.html or by phone at 800-748-0659.

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Getting leases in line

ASC Topic 842 is a relatively simple standard that can mean profound changes for organizations with leases. This report examines what makes this standard challenging and describes new ways for CPAs to add value.