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Stakeholders can comment on the GASB's draft of a proposal that would require governments to disclose information that could affect their level of services or their ability to meet obligations as they come due.
The GASB updates the model for compensated absences to enhance recognition and measurement requirements and simplify disclosure requirements.
GASB issued guidance designed to improve the accounting and financial reporting requirements for accounting changes and error corrections.
In an omnibus statement, the GASB issued guidance and clarifications on numerous accounting and financial reporting issues.
Unprecedented federal relief expenditures of the Coronavirus State and Local Fiscal Recovery Funds left many small governments in need of single audits for the first time.
A proposal issued Wednesday by the Accounting and Auditing Policy Committee of the Federal Accounting Standards Advisory Board would amend four federal government accounting standards technical releases to conform with recently issued guidance.
New tools offered by the AICPA Governmental Audit Quality Center discuss coronavirus relief fund audit requirements for for-profit health care entities as well as single audit tips for auditors and organizations subject to single audit requirements.
The OMB issued a second addendum to its 2021 Compliance Supplement for single audits.
State and local governments will have increased flexibility to pursue a wider range of uses under the State and Local Fiscal Recovery Funds program.
GASB has decided to undertake a major project on accounting and financial reporting for going concern uncertainties and severe financial stress.
An addendum to the Office of Management and Budget Compliance Supplement that was issued in December provides clarity on single audit requirements related to two key federal pandemic relief programs.
Major changes can be difficult to implement at any time but especially during a pandemic. Here are some lessons learned from a successful system implementation.
Debt cancellation is a nonexchange activity that should be reported by federal entities on the statement of changes in net position, according to an interpretation issued by FASAB.
Lease accounting requirements for federal agencies were amended and clarified Thursday when FASAB issued new guidance.
A concurrent resolution with an objective of providing more transparency to Congress about the fiscal state of the US government passed the House by a voice vote. The Senate has yet to vote on the resolution, which has the AICPA’s backing.
Good leaders are open to ideas and understand that they don’t always have all the answers, according to Maxene Bardwell, CPA/CITP.
An unsustainable long-term fiscal path and cybersecurity concerns heightened by aging systems are among the biggest challenges the federal government faces, US Comptroller General Gene Dodaro said Tuesday at the fall AICPA governing Council meeting.
Stephanie C. Palmertree, CPA, CGMA, explains how the Mississippi Office of the State Auditor overhauled its CPE system by training its own staff to teach.
Some requirements for single audits were clarified with the issuance of the 2021 Compliance Supplement by the Office of Management and Budget. Some questions remain, though, and OMB is expected to issue two addenda with additional guidance.
Single audits are especially challenging amid a pandemic-related surge in government aid. Understanding how to apply guidance in the Office of Management and Budget’s Compliance Supplements is critical for delivery of a high-quality engagement.
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