GASB addresses lease accounting
A new guide contains Q&As to assist in implementation.
Governmental auditing
FASAB addresses multiple issues in omnibus amendments
A new accounting standard for federal government agencies eliminates the required stewardship information category and updates references to lease accounting.
IASB, GASB address interbank-offered rate phaseout
The IASB and GASB acted to help financial statement preparers with the phaseout of interbank-offered rates that are used as interest rate benchmarks.
New TQAs discuss 2019 Compliance Supplement’s guidance for performing single audits
New guidance for performing single audits is contained in the Office of Management and Budget’s 2019 Compliance Supplement.
GASB proposes changes to Sec. 457 plan reporting
The board also published an implementation guide.
FASAB clarifies cleanup cost liabilities guidance
A new interpretation of Federal Financial Accounting Standards is designed to clarify the application of cleanup cost liability standards when multiple component reporting entities are involved.
GASB issues lease accounting implementation guide
State and local governments received implementation guidance for the Governmental Accounting Standards Board’s lease accounting standard.
GASB proposes guidance for subscription-based IT arrangements
Cloud and remote-access computing are growing more popular.
Lessee accounting for governments: An in-depth look
These practical illustrations give state and local governments insight into the new requirements of GASB Statement No. 87.
GASB seeks comment on several issues
GASB issued an omnibus exposure draft covering accounting and financial reporting issues identified during the implementation of previous GASB guidance.
GASB proposes changes to Sec. 457 plan reporting
GASB proposed new guidance that would clarify the accounting and financial reporting of Internal Revenue Code Sec. 457 deferred compensation plans.
New GASB guide addresses fiduciary activities
GASB issued a new implementation guide that includes questions and answers related to recently released GASB standards on accounting and financial reporting for fiduciary activities.
GASB proposes guidance on PPPs and APAs
The guidance is designed to improve accounting and financial reporting for public-private and public-public partnership arrangements. Comments on the proposal were requested by Sept. 13.
GASB issues implementation guide
GASB issued an implementation guide that is designed to assist state and local government financial reporting personnel as they adopt and apply certain GASB statements.
Chief accountant Wesley Bricker to leave SEC
Wesley Bricker is leaving the SEC after serving as its chief accountant since 2016, the commission announced. Sagar Teotia, deputy chief accountant, will serve as acting chief accountant after Bricker departs in June.
GASB proposes guidance for subscription-based IT arrangements
GASB proposed guidance for state and local government accounting for subscription-based information technology arrangements.
New GASB guide assists with implementation
A new implementation guide issued by the Governmental Accounting Standards Board can assist state and local governments as they adopt certain GASB statements.
GASB issues proposed lease accounting implementation guide
GASB issued a proposed implementation guide that is designed to help state and local governments understand the board's new standard on lease accounting.
FASAB proposes eliminating RSSI, updating lease references
References to leases in three statements would change.
Yellow Book revisions update independence guidance
Revised rules published in July 2018 by the U.S. Government Accountability Office clarify the need for safeguards for practitioners when performing preparation of accounting records and financial statement services.
