Government


The Federal Accounting Standards Advisory Board (FASAB) released an exposure draft, Subsequent Events: Codification of Accounting and Financial Reporting Standards Contained in the AICPA Statements on Auditing Standards. The proposal would incorporate the guidance in the AICPA’s Statements on Auditing Standards (SAS) AU section 560, Subsequent Events, into the authoritative FASAB literature.

 

Events or transactions that affect the financial statements may occur subsequent to the end of the reporting period but before the financial statements are issued. Some of those transactions and events require adjustments to the financial statements, while others may require disclosure in the notes to the financial statements. The ED addresses circumstances to consider in determining whether the financial statements require adjustment or disclosure.

 

The comment period ended Dec. 28. The ED is available at fasab.gov/exposure.html.

SPONSORED REPORT

A new line of business to consider

Technology assessments may open the door to new engagement opportunities for your firm. What is a technology assessment? How do you perform one? JofA Tech Q&A author J. Carlton Collins shows you in a detailed explanation.

FEATURE

Maximizing the higher education tax credits

A counterintuitive strategy can save taxes by including otherwise excludable scholarships in gross income.