Governmental auditing news and resources

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December 8, 2017

GASB proposals address capitalization of interest costs, implementation

GASB issued separate proposals on capitalization of interest costs and an upcoming guide to implementing recent pronouncements.

November 3, 2017

FASAB addresses intragovernmental exchanges, component reporting

The Federal Accounting Standards Advisory Board addressed accounting for intragovernmental exchange transactions and assigning assets to component reporting entities.

November 1, 2017

CPAs awarded for outstanding service in government

The AICPA presented three CPAs with Outstanding CPA in Government Awards.

October 2, 2017

Federal agencies get new guidance related to PP&E opening balances

Federal agencies received new guidance for applying alternative methods in establishing opening balances for general property, plant and equipment.

September 25, 2017

FASAB establishes concepts for federal agencies’ financial reporting

The Federal Accounting Standards Advisory Board issued a new statement that establishes foundational concepts for federal agencies’ financial reporting.

September 1, 2017

Proposal would revise standards for recognition of federal agency inter-entity costs

FASAB’s proposed rules would revise current standards for federal agencies to provide for recognition of inter-entity costs by business-type activities.

July 13, 2017

GASB proposes changes to debt disclosures

The information about debt disclosed by state and local governments would change if a new GASB proposal is approved.

July 1, 2017

GASB issues rules for accounting for certain debt extinguishment

Statement No. 86 applies in certain situations involving an irrevocable trust.

June 28, 2017

GASB establishes new approach for reporting leases

GASB issued a statement that is designed to help align the accounting and financial reporting of lease transactions more closely with their economic substance.

June 1, 2017

GASB omnibus addresses wide range of accounting issues

The new requirements take effect this month.

June 1, 2017

GAO proposes revisions to government auditing standards

The topics include competence, CPE, independence, quality control, and internal control.

May 15, 2017

GASB issues rules for accounting for certain debt extinguishment

New rules issued by GASB address accounting for debt extinguishment prior to its maturity when bond proceeds are not used.

April 10, 2017

GAO proposes revisions to government auditing standards

Requirements for auditors related to competence, continuing professional education, auditor independence, and other topics would change under revisions to Government Auditing Standards proposed by the U.S. GAO.

March 20, 2017

GASB addresses wide range of accounting issues

GASB issued a new statement that addresses a wide range of accounting issues that have challenged state and local government financial statement preparers.

March 1, 2017