Government Accounting

The Federal Accounting Standards Advisory Board issued a concepts statement exposure draft titled Definition and Recognition of Elements of Accrual-Basis Financial Statements ( ). It seeks respondents’ views on proposed definitions of certain elements— assets, liabilities, net position, revenue and expense —in such financial statements and on the essential characteristics of assets and liabilities and how they influence the definitions of revenue and expense. FASAB also asks for feedback on the government’s ability to amend laws, recognition criteria and uncertainty about existence and measurement. Comments are due August 5, 2006.


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.