Government Accounting


The Governmental Accounting Standards Board (GASB) issued Accounting and Financial Reporting for Pollution Remediation Obligations, an exposure draft (ED) that specifies five circumstances—any of which would require a government to estimate its obligations to address the current or potential detrimental effects of existing pollution ( www.gasb.org/exp/exdfpg.html ). The ED also establishes a probability-weighted method—the expected cash-flow technique—to estimate liabilities, expenses and expenditures. If approved, the ED’s requirements would be effective for financial statements covering periods beginning after June 15, 2007. Comments are due May 1, 2006.

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These year-end tax planning strategies address recent tax law changes enacted to help taxpayers deal with the pandemic, such as tax credits for sick leave and family leave and new rules for retirement plan distributions, as well as techniques for putting your clients in the best possible tax position.

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