Governmental

GASB proposes implementation guide for fiduciary activities standard

GASB published a proposed implementation guide that provides questions and answers about the board’s new standards for state and local government accounting and financial reporting for fiduciary activities.

GASB proposes targeted improvements, new concepts

The aim is to make financial reporting more useful for decision-making.

GASB proposes implementation guidance

GASB issued a proposal that would provide implementation guidance for certain state and local government accounting standards.

Awards recognize outstanding CPAs in government

Deborah Loveless and Kathryn Belfi receive awards.

FASAB committee proposal would withdraw inter-entity cost guidance

Lease accounting rules for federal entities also were clarified.

GASB clarifies majority equity interest reporting rules

The statement divides interests into investments and component units.

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.

GASB proposes new rules for reporting conduit debt obligations

Variation in practice was a concern under existing rules.

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.

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.

GAO issues revised government auditing standards

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

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.

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.

GASB issues implementation guidance

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

Inter-entity cost accounting rules amended for federal agencies

The change could reduce reporting costs for some.

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.

FASAB proposes new standards for accounting and reporting of government land

Relevance and comparability are concerns, the chairman said.

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.

Quiz: Best practices in government accounting and auditing

How well do you know the rules for state and local government accounting and auditing? Take this quiz and find out.

New GASB standard addresses debt disclosures

Direct borrowings and direct placements are to be presented separately.