The guide aims to assist state and local governments via a series of questions and answers.
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TOPICS
Governmental auditing
Financial Accounting Foundation issues annual report
FAF report highlights recent FASB and GASB actions and updates its strategic plan published three years ago.
GASB issues two exposure drafts for comment
The Governmental Accounting Standards Board aims to bring clarity to the financial reporting of subsequent events and to a variety of topics in its implementation guide.
GASB provides guidance for certain capital assets
GASB issued guidance for certain types of capital assets to be disclosed separately for purposes of note disclosures.
Public sector talent shortage: Unique challenges require unique solutions
Serious concerns facing accounting in the government space can be solved only by a multistakeholder commitment to improved conditions, an AICPA/NASACT report finds.
FASAB issues amendments, seeks new board members
The amendments conform implementation guidance to several existing reporting standards for federal government entities.
FASAB offers new guidance on seized and forfeited digital assets
Federal government standard setter clarifies how to apply existing standards for inventory and related property to certain digital assets.
GASB updates its financial reporting blueprint
New guidance features targeted improvements to the financial reporting model established for state and local governments 25 years ago.
A&A Focus recap: CECL, leases, and commercial real estate
The May installment of the monthly newscast series also featured a governmental auditing update.
GASB guidance expands risk-related reporting requirements
A new statement requires governments to disclose concentrations and constraints that could make them vulnerable to a substantial impact.
FASAB releases transitional accommodations for new leases standard
The Federal Accounting Standards Advisory Board issued an amendment providing “an appropriate degree of flexibility” for an interim period.
FASAB releases 3-year strategic plan, annual report
Intangible assets and climate-related reporting are among action items that the board, which is responsible for setting standards for federal government entities, will address in the coming years.
FASAB committee issues updates to guidance on leases
The board’s Accounting and Auditing Policy Committee issued Federal Financial Accounting Technical Release (TR) 22: Leases Implementation Guidance Updates.
GASB addresses disclosure and classification of capital assets
GASB issued a proposal that would establish requirements for certain types of capital assets to be disclosed separately for purposes of note disclosures, allowing users to make informed decisions about these and to evaluate accountability.
FASAB seeks comment on guidance for management discussion and analysis
The Federal Accounting Standards Advisory Board is seeking feedback on an exposure draft aimed at updating the guidance for management discussion and analysis (MD&A).
FASAB seeks to enhance note disclosures in financial statements
The Federal Accounting Standards Advisory Board is accepting public comments on an exposure draft aimed at making note disclosures an ‘integral part’ of financial statements.
GASB provides guidance on application of standards
GASB has issued implementation guidance in the form of questions and answers, that is intended to clarify a series of the board’s pronouncements.
How a CPA saved a state millions in health care costs
Marilyn Bartlett, CPA, changed the conversation about health care policy when her penchant for numbers saved Montana’s state employee health plan millions without increasing member or employer contributions.
FASAB committee proposes changes to guidance on leases
With a new standard for reporting on leases soon to be effective, the Accounting and Auditing Policy Committee is seeking comments on updates to its leases guidance in a 2021 technical release.
FASAB seeks feedback on its existing standards
The FASAB is seeking comments on its Reexamination of Existing Standards project to ensure that its standards meet users’ needs and provide financial information that supports public accountability and transparency.
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