Government Accounting


The Federal Accounting Standards Advisory Board (FASAB) published Statement of Federal Financial Accounting Standards (SFFAS) no. 29, Heritage Assets and Stewardship Land ( www.fasab.gov/pdffiles/sffas_29.pdf ). The standard reclassifies information on these assets and land as basic information, with the exception of condition information, which it classifies as required supplementary information. Most of the guidance is effective for reporting periods beginning after September 30, 2005, but certain disclosure requirements will be phased in over the next three years.

The Governmental Accounting Standards Board (GASB) issued Statement no. 47, Accounting for Termination Benefits ( www.gasb.org/st/summary/gstsm46.html ). It provides accounting and reporting guidance for state and local governments offering benefits such as early retirement incentives or severance to involuntarily terminated employees. In general the statement is effective for financial statements for periods beginning after June 15, 2005, but for termination benefits affecting defined-benefit postemployment benefits other than pensions, governments should implement Statement no. 47 simultaneously with Statement no. 45, Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions ( www.gasb.org/st/summary/gstsm45.html ). Both statements are available from GASB at http://store.yahoo.com/gasbpubs or by calling 800-748-0659.

SPONSORED REPORT

Tax reform changes are now in effect

With all the recent tax law changes, this year it’s more important than ever to make sure your clients’ tax situations are squared away before year end. This report provides necessary guidance to ensure 2019 starts without a hitch.

PODCAST

Using drones to enhance audits

Hermann Sidhu, CPA, global assurance digital leader at EY, walks us through EY’s exciting new project to use drones to help audit large warehouses and outdoor inventories.