Government Accounting


The Governmental Accounting Standards Board (GASB) issued an exposure draft, Accounting for Termination Benefits, that would require employers to recognize—in financial statements they prepare on the accrual basis of accounting—the cost of voluntary termination benefits when employees accept a termination offer, and the cost of involuntary termination benefits when an employer approves a plan of termination and communicates it to its employees. In addition the proposal would establish measurement and disclosure requirements for such benefits. Comments are due March 11, 2005.

NEWS

IRS sets start date for tax season

The IRS announced that tax season will start in late January and that it will issue refunds to taxpayers despite the partial shutdown of the federal government.

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.