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.

SPONSORED REPORT

CPEOs provide peace of mind around payroll services

The creation of these new IRS-certified service providers for small businesses clarifies some issues around traditional professional employer organizations.

QUIZ

Pronoun practice to help polish your prose

Using pronouns correctly in writing and speech can help you make a good impression. Try our 10-question quiz.