Governmental auditing news and resources

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May 22, 2026

GASB seeks new board member

The candidate selected for the part-time position will begin a five-year term in 2027.

May 22, 2026

FASAB seeks feedback on proposed practical expedient for embedded leases

Comments are requested by July 30 on a proposal that would allow reporting entities to apply a practical expedient to contracts or agreements that meet certain eligibility conditions.

April 16, 2026

GASB seeks feedback on idea of changing how it communicates GAAP

Based on stakeholder input, requested by the end of August, GASB may consider simplifying the structure it uses to communicate GAAP for state and local governments.

April 9, 2026

GASB proposes guidance on infrastructure assets

GASB issued guidance Wednesday that seeks to improve the financial reporting requirements for infrastructure assets, enhancing the consistency in their application and better meeting the information needs of financial statement users.

April 8, 2026

FASAB announces new chair, new board structure

Terry K. Patton, CPA, takes over the leadership position on the Federal Accounting Standards Advisory Board; FASAB appoints two new board members while reducing board membership from nine to seven.

March 2, 2026

GASB proposes guidance for financial reporting model improvements

The board is accepting comments through April 27 on proposed authoritative guidance related to subsidies in Statement No. 103, Financial Reporting Model Improvements.

January 14, 2026

AICPA pushes for congressional support of Fiscal State of the Nation Act

The AICPA also released survey results showing that 81% of Americans support an annual fiscal report to Congress.

December 19, 2025

GASB issues guidance on subsequent events

GASB issued Statement No. 105, Subsequent Events, which clarifies types of subsequent events and information that should be part of disclosures related to the events.

June 23, 2025

GASB updates guidance on application of standards

The guide aims to assist state and local governments via a series of questions and answers.

April 18, 2025

Financial Accounting Foundation issues annual report

FAF report highlights recent FASB and GASB actions and updates its strategic plan published three years ago.

November 25, 2024

GASB issues two exposure drafts for comment

The Governmental Accounting Standards Board aims to bring clarity to the financial reporting of subsequent events and to a variety of topics in its implementation guide.

October 18, 2024

GASB provides guidance for certain capital assets

GASB issued guidance for certain types of capital assets to be disclosed separately for purposes of note disclosures.

October 17, 2024

Public sector talent shortage: Unique challenges require unique solutions

Serious concerns facing accounting in the government space can be solved only by a multistakeholder commitment to improved conditions, an AICPA/NASACT report finds.

July 23, 2024

FASAB issues amendments, seeks new board members

The amendments conform implementation guidance to several existing reporting standards for federal government entities.

June 21, 2024

FASAB offers new guidance on seized and forfeited digital assets

Federal government standard setter clarifies how to apply existing standards for inventory and related property to certain digital assets.

May 29, 2024

GASB updates its financial reporting blueprint

New guidance features targeted improvements to the financial reporting model established for state and local governments 25 years ago.

May 20, 2024

A&A Focus recap: CECL, leases, and commercial real estate

The May installment of the monthly newscast series also featured a governmental auditing update.

January 9, 2024

GASB guidance expands risk-related reporting requirements

A new statement requires governments to disclose concentrations and constraints that could make them vulnerable to a substantial impact.

December 1, 2023

FASAB releases transitional accommodations for new leases standard

The Federal Accounting Standards Advisory Board issued an amendment providing “an appropriate degree of flexibility” for an interim period.

November 22, 2023

FASAB releases 3-year strategic plan, annual report

Intangible assets and climate-related reporting are among action items that the board, which is responsible for setting standards for federal government entities, will address in the coming years.