GASB publishes implementation guidance on various issues
Derivative instruments, fiduciary activities, leases and nonexchange transactions are among the accounting issues discussed in an implementation guide issued by GASB.
Governmental auditing
GASB addresses accounting changes and error corrections
Accounting and financial reporting requirements that have been followed since the 1970s would change under guidance for accounting changes and error corrections proposed by the Governmental Accounting Standards Board.
Pandemic government relief: Details, allocations provided
Treasury on Monday provided details and allocations for state, local, territorial and tribal government pandemic relief totaling $350 billion that was established under the American Rescue Plan Act.
Single audit: Pandemic aid and major program determinations
As pandemic relief adds to funding that needs to be considered in a single audit, it’s important to remember that the rules in the Uniform Guidance still prevail.
6 steps to transitions for public-sector finance professionals
This article discusses how those in public-sector finance can address the challenges of transition, continue to make valuable workplace contributions, and come out shining on the other side.
Government financial planning in a time of uncertainty
Flexibility and the right KPIs can help organizations navigate challenging times.
Lorin Venable, CPA, CGMA
Lorin Venable, CPA, CGMA, of Arlington, Va., is assistant inspector general for Audit in the Financial Management and Reporting Directorate of the Department of Defense Office of Inspector General.
Offensive acronym leads to GASB's name change proposal
The acronym for the Governmental Accounting Standards Board’s “comprehensive annual financial report” sounds like a South African ethnic slur. So, the board is proposing a name change to “annual comprehensive financial report.”
GAO: Guidance for single audits should be more timely, responsive
A US Government Accountability Office report has concluded that yearly federal guidance provided to single audit practitioners should be more timely and more responsive to auditors’ input and needs.
Deadline for certain single audits delayed because of pandemic
The Office of Management and Budget is permitting a six-month delay beyond the normal due date for recipients and subrecipients with fiscal year ends through June 30, 2021, that have not yet filed their single audits with the Federal Audit Clearinghouse.
FASAB reappoints Scott for second term as chair
The Federal Accounting Standards Advisory Board’s sponsors reappointed George Scott, CPA, CGMA, for a second term as the board’s chair.
GASB proposes new guidance on compensated absences
Employees’ vacation time and other forms of paid leave would be accounted for differently by state and local governments under a proposal issued by the Governmental Accounting Standards Board.
Single audits: Deliver high quality in a challenging time
The federal funding surge that accompanied the coronavirus pandemic has made single audits more challenging than ever. But now that the rules have been released, practitioners need to focus on delivering high-quality single audits in this difficult time.
Kristen Kociolek, CPA, CGMA
Project management is most successful when a solid plan is accompanied with the flexibility to change when needed, according to Kristen Kociolek, CPA, CGMA.
How one government auditor improved employee training
Stephanie Palmertree, winner of the 2020 state-level Outstanding CPA in Government Impact Award, discussed the tools and tactics she and her senior staff used to improve the state auditor’s CPE program.
Guidance for single audits provided in OMB compliance addendum
The Office of Management and Budget released its 2020 Compliance Supplement addendum, providing single audit practitioners with information they were eagerly awaiting on how to audit federal economic relief programs related to the coronavirus pandemic.
Q&A: FASAB reaches milestone amid pandemic
After celebrating its 30th anniversary, the Federal Accounting Standards Advisory Board is continuing to move forward in its mission to deliver transparency in federal accounting, says board Chair George Scott, CPA, CGMA.
Standard setters focus on costs vs. benefits, 'big three' projects
FASB Chair Richard Jones, CPA, and GASB Chair Joel Black, CPA, describe their visions and priorities in this Q&A.
GASB proposes new implementation guidance
The Governmental Accounting Standards Board proposed Q&A guidance on the implementation of its standards for state and local governments.
Managing perceptions as a public-sector accountant
This article discusses ways those in public-sector finance can handle public perceptions of spending on things like travel and overtime without compromising on the work they need to do.
