Government Accounting


The Federal Accounting Standards Advisory Board (FASAB) issues Statement of Federal Financial Accounting and Auditing Technical Release 3 (revised), Auditing Estimates for Direct Loan and Loan Guarantee Subsidies under the Federal Credit Reform Act and Technical Release 6, Preparing Estimates for Direct Loan and Loan Guarantee Subsidies under the Federal Credit Reform Act ( www.fasab.gov/pdffiles/ ). Each amends the original Technical Release 3, Preparing and Auditing Direct Loan and Loan Guarantee Subsidies under the Federal Credit Reform Act, issued in July 1999. The new guidance is effective immediately.

The Governmental Accounting Standards Board (GASB) issues a revised exposure draft (ED), Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions ( www.gasb.org/news/ ). The ED addresses how state and local governments should account for and report their costs and obligations related to postemployment health care and other nonpension benefits—commonly referred to as “other postemployment benefits” (OPEB). GASB revised its February 2003 ED in response to comments on its treatment of implicit rate subsidies, which the current ED proposes be included in a government’s calculation of its OPEB costs and obligations. Comments are due April 30.

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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.