Governmental auditing news and resources

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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

GASB provides assistance on pension accounting issue

The assistance applies to governments that participate in certain multiple-employer defined benefit plans.

December 1, 2015

GASB moves toward relief

The proposal would aid certain governments with pension accounting.

November 1, 2015

GASB explores fundamental changes

The board is evaluating a reporting model that has been in place since 1999.

November 1, 2015

New guide for governmental rules implementation

GASB publishes authoritative guidance.

November 1, 2015

AICPA awards honor CPAs in government

Wendy M. Payne, CPA, executive director of the Federal Accounting Standards Advisory Board (FASAB) in Washington, received the Institute’s Outstanding CPA in Government Career Contribution Award.

October 14, 2015

GASB proposes pension standards relief for certain governments

Some governments with multiple-employer defined benefit pension plans have found it difficult to comply with GASB’s new pension accounting standards.

October 1, 2015

Accounting for software at federal agencies addressed in proposal

A recent proposal is designed to address challenges that federal government agencies have experienced in accounting for internal-use software.

October 1, 2015

GASB requiring new government tax incentive disclosures

The standard aims to provide more information for financial statement users.

September 30, 2015

GASB proposes Q&As to elaborate on recent pronouncements

GASB has issued a proposed implementation guide that contains questions and answers that are designed to clarify, explain, or elaborate on recently issued standards for state and local government financial reporting.

September 1, 2015

GASB to take a fundamental look at financial statements

The Governmental Accounting Standards Board will review the foundation of the financial reporting model for state and local governments.

September 1, 2015

GASB establishes new accounting hierarchy

The categories of authoritative GAAP are reduced from four to two.

September 1, 2015

GASB addresses external investment pools and certain component units

Separate proposals are designed to prevent confusion and clarify presentation guidance.

August 27, 2015

GASB publishes authoritative implementation guidance

GASB published a volume of authoritative implementation guidance that reflects changes resulting from a yearlong feedback process.

August 14, 2015

GASB issues standard requiring disclosure of government tax incentives

Tax incentives provided to businesses and individuals will be disclosed in more detail in state and local government financial statements as a result of new GASB rules.

August 1, 2015

GASB proposal addresses irrevocable split-interest agreements

GASB proposed changes that are designed to reduce diversity in state and local government accounting for irrevocable split-interest agreements.

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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.