Government Accounting


The Federal Accounting Standards Advisory Board issued an exposure draft of a proposed Interpretation, “Items Held for Remanufacture” ( www.fasab.gov/pdffiles/edinterpretation.pdf ), that would provide guidance for the classification, valuation and reporting of items held for remanufacture prior to sale or issuance, such as items being inspected, disassembled, evaluated, cleaned, rebuilt, refurbished and restored to serviceable or technologically updated or upgraded condition. The proposed interpretation would not apply to stand-alone items, such as entire airplanes, ships, tanks, intercontinental ballistic missiles or other higher assemblies that function independently. It applies existing standards, including Statements of Federal Financial Accounting Standards nos. 3, 6 and 23, to items held for remanufacture. Comments are due October 16, 2006.

The Governmental Accounting Standards Board issued an implementation guidance Q&A on qualifying other postemployment benefits (OPEB) plan trusts and the responsibilities of those who play a significant role in the functions of an OPEB plan that includes such a trust, for purposes of accounting and financial reporting in accordance with GASB Statement nos. 43, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans, and 45, Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions ( www.gasb.org/project_pages/opeb_staff_guidance.pdf ).

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Excel walk-through: Sparklines

Want to liven up your spreadsheets with some color and graphical elements? Kelly L. Williams, CPA, Ph.D., shows how to use Excel sparklines, which illustrate data trends and patterns via small charts that fit in a single Excel cell.