The Federal Accounting Standards Advisory Board and the Accounting and Auditing Policy Committee issued a joint exposure draft related to lease accounting for federal entities.
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Governmental auditing
Developing a strategic audit plan
This article outlines steps CPAs should consider when developing strategic audit plans for their own clients.
Awards recognize outstanding CPAs in government
The Outstanding CPA in Government Impact Awards recognize significant contributions from CPAs to the efficiency, effectiveness, or innovative service delivery of their local, state, or federal employer organizations.
FASAB proposal would clarify presentation requirement
A proposal issued by the Federal Accounting Standards Advisory Board would clarify how an advance should be presented in component entity financial statements.
Tips for single audits amid pandemic uncertainty
An avalanche of new federal awards has left practitioners who perform single audits working under uncertain circumstances and awaiting regulators’ guidance. Here’s how practitioners can give themselves a chance to succeed under challenging conditions.
Government reporting and the future: A Q&A with GASB Chairman Joel Black
With state and local governments facing serious pandemic-related concerns, the Governmental Accounting Standards Board is providing relief and resources while also working on its “big three” high-impact projects for the future. GASB Chairman Joel Black explains in this Q&A.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Materiality concepts clarified for federal entities
A new accounting standard for federal government entities is designed to define the concept of materiality more precisely.
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How to find the right CAS clients
The key to success with CAS is selecting the best clients. Tools like ideal client profiles (ICPs), buyer personas, and even artificial intelligence can help identify the businesses that best fit each CAS practice.
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