Governmental auditing news and resources

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June 3, 2016

FASAB seeks transparency on tax expenditures

The Federal Accounting Standards Advisory Board proposed a standard with the intention of providing the public more information about the U.S. government’s tax expenditures.

June 1, 2016

GASB addresses questions about fair value, tax abatement

A new implementation guide clarifies practice issues.

June 1, 2016

GASB addresses practice issues for new pension standards

The new guidance clarifies the board’s requirements.

April 28, 2016

New guidance issued for federal public-private partnership disclosures

Federal agencies will be required to present disclosures about public-private partnerships in their general-purpose financial statements under new guidance issued by the FASAB.

April 11, 2016

GASB addresses pension accounting practice issues

GASB issued guidance to address practice issues encountered during implementation of its new pension accounting rules for state and local governments.

April 1, 2016

GASB issues standard on not-for-profit unit blending

The new statement clarifies display requirements.

April 1, 2016

Risks of not-for-profit and government audits

The benefits of providing audit services to NFP and government organizations are numerous yet may present unforeseen professional liability risks.

April 1, 2016

Proposal would change governments’ lease approaches

GASB proposes a principle for reporting.

March 29, 2016

GASB issues accounting guidance for irrevocable split-interest agreements

GASB issued recognition and measurement guidance that aims to lead to more consistent accounting for irrevocable split-interest agreements.

March 24, 2016

GASB implementation guidance addresses issues with recent standards

GASB issued implementation guidance that is intended to clarify, explain, or elaborate on recent standards issued for state and local government financial reporting.

March 1, 2016

FASAB tackles insurance program reporting

Proposed federal accounting standards are aimed at transparency.

March 1, 2016

GASB issues 3 exposure drafts

Proposals address fiduciary activities, asset retirement obligations, and pension issues.

March 1, 2016

GASB moves to reduce confusion for external investment pools

A new standard preserves the amortized cost accounting option.

February 26, 2016

PwC survey finds tiny decrease in economic crime

A PwC survey finds tiny drop in economic crime, but that might not be good news.

February 11, 2016

GASB clarifies guidance on blending certain component units into financial statements

GASB issued a standard that is intended to clarify how certain component units incorporated as not-for-profit corporations should be presented in state or local government financial statements.

February 10, 2016

GASB proposes single approach for lease reporting

A new GASB proposal would require state and local governments to report leases based on the principle that leases are financings of the right to use an underlying asset.

January 21, 2016

Guidance addresses software accounting for federal agencies

Federal government reporting entities received fresh guidance this week on how to implement a 1998 accounting standard for internal-use software.

December 23, 2015

GASB moves to reduce confusion for external investment pools

Many state and local government external investment pools—and participants in those pools—will continue to qualify for amortized cost accounting under new guidance from GASB.

December 22, 2015

GASB addresses fiduciary activities, asset retirement obligations, pension issues

GASB proposed new accounting and financial reporting guidance related to fiduciary activities, certain asset retirement obligations, and pension issues.

December 11, 2015