Governmental auditing news and resources

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April 10, 2017

GAO proposes revisions to government auditing standards

Requirements for auditors related to competence, continuing professional education, auditor independence, and other topics would change under revisions to Government Auditing Standards proposed by the U.S. GAO.

March 20, 2017

GASB addresses wide range of accounting issues

GASB issued a new statement that addresses a wide range of accounting issues that have challenged state and local government financial statement preparers.

March 1, 2017

GASB introduces possible new approaches for governmental fund reporting

The proposal builds on 2 years of research.

February 1, 2017

GASB tackles asset retirement, proposes implementation guide

The board’s fund balance reporting standard gets a positive review.

January 4, 2017

GASB introduces possible new approaches for governmental fund reporting

Three possible alternative recognition approaches for governmental fund reporting are included in an Invitation to Comment issued by GASB.

January 1, 2017

GASB proposes OPEB implementation guidance

The board issued a standard on retiree benefits in 2015.

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

A 10-K for the taxpayer

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.

FROM THIS MONTH'S ISSUE

4 ways solo practitioners can stand out

Five years ago, a grieving Angel Zhen started his own CPA firm with no clients and no revenue. Today, he has 300 clients, $600,000 in revenue and 12 weeks of annual vacation. In this JofA article, he shares how he set up his firm and how you could do the same.