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

Maximizing the higher education tax credits

A counterintuitive strategy can save taxes by including otherwise excludable scholarships in gross income.

SPONSORED REPORT

Solving the lease accounting challenge

The challenges of the new lease accounting standard have been pervasive to say the least. In this free, independently-written report, you'll learn effective adoption strategies as well as resources for easing the transition to the new standard.