Government


The Federal Accounting Standards Advisory Board (FASAB) issued Statement of Federal Financial Accounting Standards (SFFAS) 33, Pensions, Other Retirement Benefits, and Other Post-employment Benefits: Reporting Gains and Losses from Changes in Assumptions and Selecting Discount Rates and Valuation Dates.

The standards in SFFAS 33 require (1) gains and losses from changes in long-term assumptions used to estimate liabilities for federal employee pension and other retirement benefits, and other post-employment benefits to be displayed as discrete line items on the governmentwide entity’s and the component entities’ statements of net cost; and (2) components of the expense associated with such liabilities to be disclosed in notes to the financial statements. The statement also provides standards for selecting the discount rate assumption and the valuation date for such liabilities.

“This statement will provide users discrete information about operating costs and about nonoperating costs so they can make intelligent decisions,” FASAB Chairman Tom Allen said in a press release.

SFFAS 33 is effective for periods beginning after Sept. 30, 2009. The statement is available at www.fasab.gov.

SPONSORED REPORT

Tax reform changes are now in effect

With all the recent tax law changes, this year it’s more important than ever to make sure your clients’ tax situations are squared away before year end. This report provides necessary guidance to ensure 2019 starts without a hitch.

PODCAST

Using drones to enhance audits

Hermann Sidhu, CPA, global assurance digital leader at EY, walks us through EY’s exciting new project to use drones to help audit large warehouses and outdoor inventories.