Government Accounting

The Federal Accounting Standards Advisory Board published an exposure draft (ED), Presentation of Significant Assumptions for the Statement of Social Insurance: Amending SFFAS 25, in March. The ED proposes requiring disclosure of significant assumptions underlying the “statement of social insurance,” which—for federal government entities administering a social insurance program—reports the net present value of long-term cash-flow forecasts of taxes and benefits relating to the Social Security, Medicare, Black Lung and Railroad Retirement Board programs. Thus, the proposal would reclassify significant assumptions as basic information rather than as required supplementary information. The proposed disclosures are intended to help financial statement users assess uncertainty in a government entity’s long-range projections. Comments are due May 17.


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.