Government Accounting


GASB issues a proposed Technical Bulletin, Tobacco Settlement Recognition and Financial Reporting Entity Issues, which addresses accounting treatment by state or local governments in connection with settlements made by U.S. tobacco companies ( www.gasb.org/exp/tb2003-b.pdf ). The proposal also clarifies asset and revenue recognition guidance for such transactions by the settling governments and the settlement authorities. Comments are due March 2.

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States look to unclaimed property for revenue

This free report outlines the escheat process, common types of AUP, how different states are handling it and how companies can plan for potential audits and liabilities.