FASAB establishes concepts for federal agencies’ financial reporting
The Federal Accounting Standards Advisory Board issued a new statement that establishes foundational concepts for federal agencies’ financial reporting.
Governmental
Proposal would revise standards for recognition of federal agency inter-entity costs
FASAB's proposed rules would revise current standards for federal agencies to provide for recognition of inter-entity costs by business-type activities.
GASB proposes changes to debt disclosures
The information about debt disclosed by state and local governments would change if a new GASB proposal is approved.
GASB issues rules for accounting for certain debt extinguishment
Statement No. 86 applies in certain situations involving an irrevocable trust.
GASB establishes new approach for reporting leases
GASB issued a statement that is designed to help align the accounting and financial reporting of lease transactions more closely with their economic substance.
GASB omnibus addresses wide range of accounting issues
The new requirements take effect this month.
GAO proposes revisions to government auditing standards
The topics include competence, CPE, independence, quality control, and internal control.
GASB issues rules for accounting for certain debt extinguishment
New rules issued by GASB address accounting for debt extinguishment prior to its maturity when bond proceeds are not used.
GAO proposes revisions to government auditing standards
Requirements for auditors related to competence, continuing professional education, auditor independence, and other topics would change under revisions to Government Auditing Standards proposed by the U.S. GAO.
GASB addresses wide range of accounting issues
GASB issued a new statement that addresses a wide range of accounting issues that have challenged state and local government financial statement preparers.
GASB introduces possible new approaches for governmental fund reporting
The proposal builds on 2 years of research.
GASB tackles asset retirement, proposes implementation guide
The board's fund balance reporting standard gets a positive review.
GASB introduces possible new approaches for governmental fund reporting
Three possible alternative recognition approaches for governmental fund reporting are included in an Invitation to Comment issued by GASB.
GASB proposes OPEB implementation guidance
The board issued a standard on retiree benefits in 2015.
FASAB proposes changes to budget and accrual reconciliation
The FASAB issued a proposal that would change the requirements for a reconciliation between budgetary and financial accounting information.
GASB issues guidance on asset retirement obligations
GASB issued guidance for state and local governments to address asset retirement obligations related to tangible capital assets.
GASB proposal responds to implementation issues
Omnibus 201X addresses practices of state and local governments.
New accounting standard proposed for federal entities’ leases
FASAB wants useful reporting on intergovernmental and short-term leases.
GASB proposes implementation guidance
A proposed implementation guide issued by GASB is designed to clarify, explain or elaborate on the board’s standards for state and local government financial reporting.
GASB fund balance reporting standard gets positive review
GASB’s standard for fund balance reporting and governmental fund type definitions for state and local governments achieves its purpose, a review panel has found.
