Governmental

GASB clarifies majority equity interest reporting rules

Clarifying guidance issued by GASB explains that state and local governments are required to consider the definition of an acquisition in their accounting for majority equity interest in an organization.

GAO issues revised government auditing standards

Changes to the Yellow Book reinforce the principles of transparency and accountability.

Proposal would withdraw inter-entity cost guidance

A new Federal Accounting Standards Advisory Board proposal is designed to eliminate inconsistencies in the board’s guidance for federal entities’ accounting for inter-entity costs.

GASB proposes new rules for reporting conduit debt obligations

Under new rules proposed by GASB, state and local governments would use a single method to report conduit debt obligations and related obligations.

GASB issues implementation guidance

Pensions, post-employment benefits, and more are addressed.

Inter-entity cost accounting rules amended for federal agencies

The change could reduce reporting costs for some.

GAO issues revised Yellow Book standards for government auditors

The revised standards are designed to provide a framework for high-quality work by government auditors.

FASAB proposes new standards for accounting and reporting of government land

Relevance and comparability are concerns, the chairman said.

GASB addresses interest cost incurred before a construction period ends

State and local governments will provide new information to financial statement users under a standard GASB issued that establishes accounting rules for accounting for interest cost incurred before the end of a construction period.

Quiz: Best practices in government accounting and auditing

How well do you know the rules for state and local government accounting and auditing? Take this quiz and find out.

New GASB standard addresses debt disclosures

Direct borrowings and direct placements are to be presented separately.

How formal ERM implementation can help federal agencies

Federal government entities are embracing risk management practices that can help them make better decisions and be more transparent.

Inter-entity cost accounting rules amended for federal agencies

The Federal Accounting Standards Advisory Board issued amended accounting rules for recognition of inter-entity costs by federal agencies.

GASB issues implementation guidance

New implementation guidance issued by the GASB is designed to clarify, explain or elaborate on state and local government accounting standards.

GASB developing revenue and expense recognition model

2 potential models are discussed in a new document.

New GASB standard addresses debt disclosures

The new standard also requires the disclosure of additional essential debt-related information for all types of debt, including amounts of unused lines of credit and assets pledged as collateral for debt.

Quiz: How much do you know about governmental auditing and single audits?

Specialized knowledge is critical when performing engagements under Government Auditing Standards and compliance audits of federal funds (single audits). Test your expertise in this area.

GASB proposals address capitalization of interest costs, implementation

The board also issued guidance on other post-employment benefits.

FASAB drafts federal standard to protect classified information

The proposal seeks to balance the public interest with security needs.

GASB developing revenue and expense recognition model

GASB is seeking public feedback as it develops a revenue and expense recognition model for state and local government accounting.