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 .


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.