State and local government finance staffs have had to implement several new, significant GASB statements. Here are tips for handling the challenges.
Technical bulletins provide guidance for federal agencies.
GASB issued a guide that addresses questions and answers about the new state and local government standard for other postemployment benefits.
The FASAB issued a proposal that’s designed to protect national security information from being disclosed in publicly issued financial reporting by federal agencies.
GASB issued separate proposals on capitalization of interest costs and an upcoming guide to implementing recent pronouncements.
The Federal Accounting Standards Advisory Board addressed accounting for intragovernmental exchange transactions and assigning assets to component reporting entities.
The AICPA presented three CPAs with Outstanding CPA in Government Awards.
Federal agencies received new guidance for applying alternative methods in establishing opening balances for general property, plant and equipment.
The Federal Accounting Standards Advisory Board issued a new statement that establishes foundational concepts for federal agencies’ financial reporting.
FASAB's proposed rules would revise current standards for federal agencies to provide for recognition of inter-entity costs by business-type activities.
The information about debt disclosed by state and local governments would change if a new GASB proposal is approved.
Statement No. 86 applies in certain situations involving an irrevocable trust.
GASB issued a statement that is designed to help align the accounting and financial reporting of lease transactions more closely with their economic substance.
The new requirements take effect this month.
The topics include competence, CPE, independence, quality control, and internal control.
New rules issued by GASB address accounting for debt extinguishment prior to its maturity when bond proceeds are not used.
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.
GASB issued a new statement that addresses a wide range of accounting issues that have challenged state and local government financial statement preparers.
The proposal builds on 2 years of research.
The board's fund balance reporting standard gets a positive review.