Governmental auditing news and resources

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November 1, 2018

FASAB committee proposal would withdraw inter-entity cost guidance

Lease accounting rules for federal entities also were clarified.

November 1, 2018

GASB clarifies majority equity interest reporting rules

The statement divides interests into investments and component units.

November 1, 2018

Awards recognize outstanding CPAs in government

Deborah Loveless and Kathryn Belfi receive awards.

October 16, 2018

FASAB proposal seeks clearer materiality guidance

The Federal Accounting Standards Advisory Board (FASAB) is asking for public comment on a proposal to clarify the implementation of materiality concepts in the issuance of federal financial statements.

October 1, 2018

GASB proposes new rules for reporting conduit debt obligations

Variation in practice was a concern under existing rules.

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