Governmental auditing news and resources

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February 21, 2020

FASAB clarifies loss allowance for intragovernmental receivables

A technical bulletin issued by the FASAB clarified accounting guidance for federal governmental entities on the loss allowance for intragovernmental receivables.

February 5, 2020

New GASB standard addresses lease accounting, OPEB, other issues

Issues for state and local governments related to lease accounting, other post-employment benefits (OPEB), and other topics were addressed in an omnibus standard issued by GASB.

January 7, 2020

GASB selects Mauldin & Jenkins’s Black as next chair

GASB has selected Joel Black, CPA, partner-in-charge of the audit practice at accounting firm Mauldin & Jenkins LLC in Atlanta, as its next chair.

December 18, 2019

Proposal would delay lease accounting effective date for federal entities

FASB’s standard for accounting for leases would be delayed for two years under a proposal issued Wednesday.

December 1, 2019

New TQAs discuss 2019 Compliance Supplement’s guidance for performing single audits

The nonauthoritative guidance addresses recent revisions.

November 1, 2019

CPA honored for longtime contributions in government

Andy Nielsen received the 2019 Outstanding CPA in Government Career Contribution Award for significant contributions to the CPA profession through government service at the local, state, or federal level over a candidate’s career.

October 1, 2019

GASB addresses lease accounting

A new guide contains Q&As to assist in implementation.

September 27, 2019

FASAB addresses multiple issues in omnibus amendments

A new accounting standard for federal government agencies eliminates the required stewardship information category and updates references to lease accounting.

September 26, 2019

IASB, GASB address interbank-offered rate phaseout

The IASB and GASB acted to help financial statement preparers with the phaseout of interbank-offered rates that are used as interest rate benchmarks.

September 24, 2019

New TQAs discuss 2019 Compliance Supplement’s guidance for performing single audits

New guidance for performing single audits is contained in the Office of Management and Budget’s 2019 Compliance Supplement.

September 1, 2019

GASB proposes changes to Sec. 457 plan reporting

The board also published an implementation guide.

August 21, 2019

FASAB clarifies cleanup cost liabilities guidance

A new interpretation of Federal Financial Accounting Standards is designed to clarify the application of cleanup cost liability standards when multiple component reporting entities are involved.

August 15, 2019

GASB issues lease accounting implementation guide

State and local governments received implementation guidance for the Governmental Accounting Standards Board’s lease accounting standard.

August 1, 2019

Lessee accounting for governments: An in-depth look

These practical illustrations give state and local governments insight into the new requirements of GASB Statement No. 87.

August 1, 2019

GASB proposes guidance for subscription-based IT arrangements

Cloud and remote-access computing are growing more popular.

July 9, 2019

GASB seeks comment on several issues

GASB issued an omnibus exposure draft covering accounting and financial reporting issues identified during the implementation of previous GASB guidance.

June 28, 2019

GASB proposes changes to Sec. 457 plan reporting

GASB proposed new guidance that would clarify the accounting and financial reporting of Internal Revenue Code Sec. 457 deferred compensation plans.

June 18, 2019

New GASB guide addresses fiduciary activities

GASB issued a new implementation guide that includes questions and answers related to recently released GASB standards on accounting and financial reporting for fiduciary activities.

June 13, 2019

GASB proposes guidance on PPPs and APAs

The guidance is designed to improve accounting and financial reporting for public-private and public-public partnership arrangements. Comments on the proposal were requested by Sept. 13.

June 1, 2019

GASB issues implementation guide

GASB issued an implementation guide that is designed to assist state and local government financial reporting personnel as they adopt and apply certain GASB statements.