Governmental auditing news and resources

TOPICS

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

GASB proposals address capitalization of interest costs, implementation

The board also issued guidance on other post-employment benefits.

March 1, 2018

FASAB drafts federal standard to protect classified information

The proposal seeks to balance the public interest with security needs.

February 2, 2018

GASB developing revenue and expense recognition model

GASB is seeking public feedback as it develops a revenue and expense recognition model for state and local government accounting.

January 3, 2018

How to handle GASB implementation challenges

State and local government finance staffs have had to implement several new, significant GASB statements. Here are tips for handling the challenges.

January 1, 2018

FASAB addresses intragovernmental exchanges and component reporting

Technical bulletins provide guidance for federal agencies.

December 19, 2017

GASB issues OPEB implementation guide

GASB issued a guide that addresses questions and answers about the new state and local government standard for other postemployment benefits.

December 15, 2017

Proposed federal standard designed to protect classified information

The FASAB issued a proposal that’s designed to protect national security information from being disclosed in publicly issued financial reporting by federal agencies.

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.

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4 ways solo practitioners can stand out

Five years ago, a grieving Angel Zhen started his own CPA firm with no clients and no revenue. Today, he has 300 clients, $600,000 in revenue and 12 weeks of annual vacation. In this JofA article, he shares how he set up his firm and how you could do the same.