Government Accounting


The Governmental Accounting Standards Board (GASB) issued two exposure drafts (EDs). One, Net Assets Restricted by Enabling Legislation—an Amendment of GASB Statements no. 34 and 44, proposes standards intended to clarify for preparers of state and local government financial statements the requirements for reporting net assets contained in GASB Statement no. 34, Basic Financial Statements—and Management’s Discussion and Analysis—for State and Local Governments. If enacted, the proposed statement would become effective for periods beginning after June 15, 2005. Comments on the ED were due August 31. The other ED, a proposed statement of governmental accounting concepts, Communication Methods, would provide a conceptual basis for selecting ways to present items of information within general purpose external financial reports that contain basic financial statements. Comments are due September 30. Each ED can be downloaded for a $15 fee at http://store.yahoo.com/gasbpubs/publications-exposure-drafts.htm .

SPONSORED REPORT

The technology assessment engagement

Are you working with the best technology? Do you know how to help your clients determine if their technology stack measures up? In this free report, J. Carlton Collins, CPA, explains how to answer those questions via a technology assessment engagement.

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Maximizing the higher education tax credits

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