Government Accounting


The Governmental Accounting Standards Board (GASB) issued Statement no. 45, Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions, which generally requires state and local governments to account for and report costs and obligations related to postemployment health care and other nonpension benefits, commonly referred to as other postemployment benefits, by the same methods they use for pensions ( www.gasb.org/news/nr080204.html ). Large—in terms of total annual revenues—government employers must implement the statement’s provisions for periods beginning after December 15, 2006. Midsize and small governments have one and two years beyond that date, respectively, to comply. GASB published related guidance—Statement no. 43, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans ( www.gasb.org/news/nr051104-A.html )—in April. Both statements are available from GASB’s order department at 800-748-0659 or online at http://store.yahoo.com/gasbpubs .

FEATURE

Tackling TCJA changes this tax season

Return preparers must be ready for how the Tax Cuts and Jobs Act has modified many common features of individual and business returns.

PODCAST

Why CPAs can’t wait on automation tools

What do accounting firms waiting on others to develop AI, automation, and data analytics tools have in common with a baseball fan sitting in a stadium filling with water at an exponential rate? The answer could determine your firm’s fate.