Governmental auditing news and resources

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April 13, 2015

Government

Government news from “News Digest.”

March 2, 2015

GASB tackles fair value in state and local government reporting

New guidance issued by the Governmental Accounting Standards Board defines fair value and how it should be measured in state and local government financial reporting.

February 1, 2015

– Changes may be coming for state and local governments in financial reporting for leases and for the reporting of activities in which they have a fiduciary responsibility. GASB issued separate “Preliminary Views” documents on the subjects and is seeking public comment on each. The Leases document, available at tinyurl.com/ng8x4c7, includes proposals addressing

January 23, 2015

Charter schools can participate in government retirement plans

The IRS announced that it will develop regulations that would permit a state or local retirement system that qualifies as a governmental plan to cover employees of charter schools.

January 1, 2015

GASB pension changes: Are you ready?

GASB Statements No. 67 and No. 68 have created significant changes in pension accounting for state and local governments that affect financial statement preparers and auditors.

January 1, 2015

Government

State and local government financial statements would be required to reflect agreements that state and local governments make to attract businesses to their areas, under new accounting rules GASB proposed. In an effort to stimulate economic development, governments often agree to abate or reduce the taxes of businesses and other

January 1, 2015

Key auditor considerations for GASB pension standards’ rollout

Timely communication between pension plans, government employers, and their auditors is essential in implementing the new standards.

December 4, 2014

FAF, FASB, and GASB release draft strategic plan

The Financial Accounting Foundation, the Financial Accounting Standards Board, and the Governmental Accounting Standards Board released a new joint strategic plan that spells out the organizations’ vision and mission.

November 20, 2014

GASB gives preliminary views on leases, fiduciary responsibilities

The Governmental Accounting Standards Board issued “Preliminary Views” statements proposing changes for the way state and local governments account for leases—and for activities in which they have a fiduciary responsibility.

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.