FAF publishes new strategic plan
The Financial Accounting Foundation released its new strategic plan, which outlines the strategic goals that the organization will address over the next several years.
Governmental Auditing
FASAB seeks comments on annual report, 3-year plan
The Federal Accounting Standards Advisory Board (FASAB) is seeking comments on its Annual Report for Fiscal Year 2022 and Three-Year Plan.
GASB proposes new implementation guidance
GASB issues proposed implementation guidance in the form of questions and answers intended to clarify, explain, or elaborate on certain pronouncements.
Resources for organizations requiring an audit related to COVID-19 relief
AICPA & CIMA tools can assist organizations new to single audits or similar compliance engagements.
GASB issues enhanced concepts for notes to financial statements
The GASB issued a concepts statement to guide the board when establishing note disclosure requirements for state and local governments — part of its response to research reexamining existing note disclosure requirements.
GASB issues proposal requiring disclosure of certain governmental risks
Stakeholders can comment on the GASB's draft of a proposal that would require governments to disclose information that could affect their level of services or their ability to meet obligations as they come due.
GASB streamlines guidance on compensated absences with unified model
The GASB updates the model for compensated absences to enhance recognition and measurement requirements and simplify disclosure requirements.
GASB guidance focuses on improving, clarifying standards for accounting changes
GASB issued guidance designed to improve the accounting and financial reporting requirements for accounting changes and error corrections.
GASB addresses range of practice issues in statement
In an omnibus statement, the GASB issued guidance and clarifications on numerous accounting and financial reporting issues.
Single audit relief provided to certain governments with Treasury COVID-19 funding
Unprecedented federal relief expenditures of the Coronavirus State and Local Fiscal Recovery Funds left many small governments in need of single audits for the first time.
FASAB proposes conforming amendments to 4 technical releases
A proposal issued Wednesday by the Accounting and Auditing Policy Committee of the Federal Accounting Standards Advisory Board would amend four federal government accounting standards technical releases to conform with recently issued guidance.
Audits of PRF for-profit funds, other issues discussed in GAQC resources
New tools offered by the AICPA Governmental Audit Quality Center discuss coronavirus relief fund audit requirements for for-profit health care entities as well as single audit tips for auditors and organizations subject to single audit requirements.
Single audit guidance for 7 programs provided in OMB’s Addendum 2
The OMB issued a second addendum to its 2021 Compliance Supplement for single audits.
Treasury rule provides flexibility for state and local government pandemic aid
State and local governments will have increased flexibility to pursue a wider range of uses under the State and Local Fiscal Recovery Funds program.
GASB to consider governmental going concern standards
GASB has decided to undertake a major project on accounting and financial reporting for going concern uncertainties and severe financial stress.
Single audit clarity provided related to pandemic relief programs
An addendum to the Office of Management and Budget Compliance Supplement that was issued in December provides clarity on single audit requirements related to two key federal pandemic relief programs.
5 key steps for digital transformation during a crisis
Major changes can be difficult to implement at any time but especially during a pandemic. Here are some lessons learned from a successful system implementation.
FASAB clarifies federal accounting rules for debt cancellation
Debt cancellation is a nonexchange activity that should be reported by federal entities on the statement of changes in net position, according to an interpretation issued by FASAB.
FASAB amends lease accounting requirements
Lease accounting requirements for federal agencies were amended and clarified Thursday when FASAB issued new guidance.
House approves resolution to boost financial transparency
A concurrent resolution with an objective of providing more transparency to Congress about the fiscal state of the US government passed the House by a voice vote. The Senate has yet to vote on the resolution, which has the AICPA’s backing.
