Governmental auditing news and resources

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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.

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.