Government


  

FASAB is seeking input on the exposure draft, Distinguishing Basic Information, Required Supplementary Information, and Other Accompanying Information . The ED proposes amendments to Statement of Federal Financial Accounting Concepts 2, Entity and Display , which would provide conceptual guidance for determining categorizing information in financial reports. The ED also poses questions on issues such as the factors that should be considered in distinguishing each category. Comments are requested by June 26. The ED and accompanying questions are available at www.fasab.gov/exposure.html .

GASB issued an exposure draft of proposed changes to Concepts Statement no. 2, Service Efforts and Accomplishments Reporting . The proposal seeks to clarify GASB’s role in service efforts and accomplishments (SEA) reporting as well as to provide research updates to the original ED, issued 14 years ago. Comments are requested by July 3. The ED is available at www.gasb.org .

 

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Tax reform complicates year-end tax planning

Get your clients ready for tax season with these year-end tax planning strategies, which address how to make the most of recent tax law changes, such as the new deduction for qualified business income and the cap on the deductibility of state and local taxes.

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Robotic process automation is like an Excel macro that can work on multiple applications, says Danielle Supkis Cheek, CPA. RPA can complete routine, repetitive tasks such as data entry, freeing up employee time from lower-level chores.