Governmental auditing news and resources

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September 28, 2018

GASB proposes targeted improvements, new concepts

GASB issued separate proposals that are designed to deliver targeted improvements to the financial reporting model and advance new concepts to guide the board in developing standards on recognition in state and local government financial statements.

September 4, 2018

GASB clarifies majority equity interest reporting rules

Clarifying guidance issued by GASB explains that state and local governments are required to consider the definition of an acquisition in their accounting for majority equity interest in an organization.

September 1, 2018

GAO issues revised government auditing standards

Changes to the Yellow Book reinforce the principles of transparency and accountability.

August 22, 2018

Proposal would withdraw inter-entity cost guidance

A new Federal Accounting Standards Advisory Board proposal is designed to eliminate inconsistencies in the board’s guidance for federal entities’ accounting for inter-entity costs.

August 6, 2018

GASB proposes new rules for reporting conduit debt obligations

Under new rules proposed by GASB, state and local governments would use a single method to report conduit debt obligations and related obligations.

August 1, 2018

Inter-entity cost accounting rules amended for federal agencies

The change could reduce reporting costs for some.

August 1, 2018

GASB issues implementation guidance

Pensions, post-employment benefits, and more are addressed.

July 17, 2018

GAO issues revised Yellow Book standards for government auditors

The revised standards are designed to provide a framework for high-quality work by government auditors.

July 1, 2018

FASAB proposes new standards for accounting and reporting of government land

Relevance and comparability are concerns, the chairman said.

June 22, 2018

GASB addresses interest cost incurred before a construction period ends

State and local governments will provide new information to financial statement users under a standard GASB issued that establishes accounting rules for accounting for interest cost incurred before the end of a construction period.

June 1, 2018

How formal ERM implementation can help federal agencies

Federal government entities are embracing risk management practices that can help them make better decisions and be more transparent.

June 1, 2018

New GASB standard addresses debt disclosures

Direct borrowings and direct placements are to be presented separately.

May 31, 2018

Inter-entity cost accounting rules amended for federal agencies

The Federal Accounting Standards Advisory Board issued amended accounting rules for recognition of inter-entity costs by federal agencies.

May 21, 2018

GASB issues implementation guidance

New implementation guidance issued by the GASB is designed to clarify, explain or elaborate on state and local government accounting standards.

May 1, 2018

GASB developing revenue and expense recognition model

2 potential models are discussed in a new document.

April 2, 2018

New GASB standard addresses debt disclosures

The new standard also requires the disclosure of additional essential debt-related information for all types of debt, including amounts of unused lines of credit and assets pledged as collateral for debt.

March 1, 2018