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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100th ANNIVERSARY

Black CPA Centennial, 1921–2021

With 2021 marking the 100th anniversary of the first Black licensed CPA in the United States, a yearlong campaign kicked off to recognize the nation’s Black CPAs and encourage greater progress in diversity, inclusion, and equity in the CPA profession.