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 ( www.fasab.gov/pdffiles/consolfinancialreport.pdf ). 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 http://shop.store.yahoo.com/gasbpubs/gsig05.html .

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IRS sets start date for tax season

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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.