Governmental auditing news and resources

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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.

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.

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.