Governmental auditing news and resources

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December 22, 2016

FASAB proposes changes to budget and accrual reconciliation

The FASAB issued a proposal that would change the requirements for a reconciliation between budgetary and financial accounting information.

December 7, 2016

GASB issues guidance on asset retirement obligations

GASB issued guidance for state and local governments to address asset retirement obligations related to tangible capital assets.

December 1, 2016

GASB proposal responds to implementation issues

Omnibus 201X addresses practices of state and local governments.

December 1, 2016

New accounting standard proposed for federal entities’ leases

FASAB wants useful reporting on intergovernmental and short-term leases.

November 30, 2016

GASB proposes implementation guidance

A proposed implementation guide issued by GASB is designed to clarify, explain or elaborate on the board’s standards for state and local government financial reporting.

November 16, 2016

GASB fund balance reporting standard gets positive review

GASB’s standard for fund balance reporting and governmental fund type definitions for state and local governments achieves its purpose, a review panel has found.

November 1, 2016

GASB’s pollution remediation reporting standard gets a good review

The standard has been in place for 10 years.

November 1, 2016

Fran Lawrence, CPA

Fran Lawrence, CPA, the CFO/deputy treasurer for the North Carolina State Treasurer, says you need to get creative in implementation planning.

November 1, 2016

GASB proposes new guidance on early debt extinguishment

The standard would unify handling of “in-substance defeasance.”

October 18, 2016

GASB proposes OPEB implementation guidance

GASB would provide answers to more than 150 questions about other post-employment benefit (OPEB) plan accounting in a newly proposed implementation guide.

October 1, 2016

CPAs honored for outstanding service in government

The AICPA has presented three CPAs with Outstanding CPA in Government Awards.

October 1, 2016

The financial report of the U.S. government provides a view of the government’s current financial metrics and trends, as well as perspective on future issues and challenges, including long-term fiscal sustainability.

September 27, 2016

New lease accounting standard proposed for federal entities

A proposal issued by the FASAB would require federal lessees to recognize a lease liability and a leased asset at the beginning of a lease, unless it is an intragovernmental lease or a short-term lease.

September 26, 2016

GASB proposal addresses various practice issues

A GASB proposal would provide guidance addressing a multitude of issues that have arisen in state and local government financial reporting.

August 29, 2016

GASB proposal seeks uniformity in accounting for early debt extinguishment

Accounting requirements for state and local governments for early extinguishment of debt would become more consistent under a proposal issued by the Governmental Accounting Standards Board.

August 23, 2016

GASB’s pollution remediation reporting standard meets objective, review finds

GASB’s rules for reporting on pollution mediation obligations provide for consistent, timely and complete reporting, according to a review.

August 1, 2016

OPEB accounting tips for preparers

Here’s how to book a fairly stated liability under new GASB standards.

August 1, 2016

Getting familiar with OPEB

GASB’s new accounting standards for other postemployment benefits (OPEB) are significantly different from previous standards for state and local governments.

August 1, 2016

FASAB seeks transparency on government tax expenditures

The proposed standard is intended to improve transparency for users.

July 1, 2016

New standard guides public-private partnership disclosures

The change is meant to ensure federal government accountability.

FROM THIS MONTH'S ISSUE

Tax season quick guide

Get ready for tax season with the JofA’s annual filing season quick guide, an easy-to-use compilation of dollar thresholds, tax tables, standard amounts, credits, and deductions. Download and print for quick reference this tax season.