Governmental auditing news and resources

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October 1, 2020

Recruiting top finance talent in the public sector

Prospective employees often seek more than just a hefty starting salary. Here’s how to fire up your hire power.

September 14, 2020

How public sector finance management can adjust to COVID-19

This article discusses ways local governments can maneuver during the COVID-19 squeeze, provide service to their communities, and prepare for an uncertain future.

July 27, 2020

Government financial reporting model would change under GASB proposal

The Governmental Accounting Standards Board has proposed changes to the state and local government financial reporting model.

July 23, 2020

Provider Relief Funds included in audit determination, HHS says

Nonfederal entities and for-profit entities are required to include Provider Relief Fund payments in the reported total annual federal fund expenditures that determine whether they meet the $750,000 threshold that triggers audit requirements, the US Department of Health and Human Services announced.

July 14, 2020

Pandemic issues for government financial statement preparers and auditors

The coronavirus pandemic has created numerous challenges for state and local government financial statement preparers and auditors. Many of these issues are addressed in FAQs published by the AICPA staff.

July 6, 2020

GASB issues pandemic-related accounting guidance

GASB issued a technical bulletin to help state and local governments apply existing standards to transactions related to coronavirus relief legislation and certain outflows incurred in response to the pandemic.

July 1, 2020

GASB delves into financial statement elements, revenue and expense models

GASB issued a proposed concepts statement on recognition of financial statement elements and a request for comment on preliminary views on revenue and expense recognition model proposals.

June 23, 2020

GASB addresses component units, deferred compensation plans

GASB issued a standard that is designed to reduce costs and make reporting on state and local governments’ fiduciary component units more consistent.

June 19, 2020

Lease accounting effective date deferred for federal entities

Federal government entities will have extra time to implement a new lease accounting standard after the Federal Accounting Standards Advisory Board (FASAB) announced that it is delaying the standard’s effective date.

June 11, 2020

GASB proposes accounting guidance for CARES Act aid

GASB issued a proposed technical bulletin that would help state and local governments account for funds they received from programs included in the CARES Act pandemic relief legislation.

June 5, 2020

GASB addresses subscription-based technology arrangements

GASB issued a standard that specifically addresses accounting and financial reporting for subscription-based technology arrangements used by state and local governments.

May 8, 2020

Pandemic-related CPE exceptions granted to auditors under GAGAS

Auditors performing engagements under government auditing standards were granted relief from certain CPE requirements by the US Government Accountability Office as a result of the coronavirus pandemic.

May 8, 2020

GASB delays effective dates of recent pronouncements

GASB is giving state and local governments extra time to implement much of its recently issued guidance as a result of the coronavirus pandemic.

May 4, 2020

Materiality concepts clarified for federal entities

A new accounting standard for federal government entities is designed to define the concept of materiality more precisely.

April 20, 2020

GASB issues guidance on accounting for P3s and APAs

GASB issued guidance that is intended to improve state and local governments’ accounting for public-private and public-public partnership arrangements as well as availability payment arrangements.

April 15, 2020

GASB proposes postponing effective dates due to pandemic

GASB issued a proposal that would postpone by one year the effective dates of most GASB statements and implementation guides due to be implemented for fiscal years 2019 and later.

April 2, 2020

GASB provides guidance for LIBOR transition

GASB issued a standard that is designed to assist state and local governments in the transition away from existing interbank offered rates (IBORs) to other reference rates.

March 26, 2020

GASB considers postponing effective dates

GASB is considering postponing all statement and implementation guide provisions with an effective date that begins on or after reporting periods beginning after June 15, 2018, as a result of the coronavirus pandemic.

March 9, 2020

GASB addresses certain component unit criteria, deferred compensation plans

A proposal issued by GASB addresses certain component unit criteria and accounting for certain Internal Revenue Code Sec. 457 deferred compensation plans.

February 21, 2020

GASB proposes criteria for financial statement disclosures

GASB issued a proposed concepts statement that would establish new criteria for what state and local governments should disclose in the notes to their financial statements.