Government Accounting

The Federal Accounting Standards Advisory Board issued an exposure draft (ED), Consolidated Financial Report of the United States Government Requirements: Implementing Statement of Federal Financial Accounting Concepts 4, Intended Audience and Qualitative Characteristics for the Consolidated Financial Report of the United States Government ( ). The proposed standard would identify ways preparers could condense voluminous CFR information into more easily understood summary disclosures in keeping with the provisions of SFFAC 4. Comments are due March 1, 2006.

The Governmental Accounting Standards Board (GASB) released the 2005 update to its Comprehensive Implementation Guide, which consolidates related publications issued through June 30, 2005, and updates questions and answers pertaining to GASB Statement nos. 3, 9, 10, 14, 25, 26, 27, 31, 34 (and related statements) and 40. It also discusses the effects of statements through no. 46 and can be ordered 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.