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.
Changes to the Yellow Book reinforce the principles of transparency and accountability.
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.
Under new rules proposed by GASB, state and local governments would use a single method to report conduit debt obligations and related obligations.
Pensions, post-employment benefits, and more are addressed.
The change could reduce reporting costs for some.
The revised standards are designed to provide a framework for high-quality work by government auditors.
Relevance and comparability are concerns, the chairman said.
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.
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Direct borrowings and direct placements are to be presented separately.
Federal government entities are embracing risk management practices that can help them make better decisions and be more transparent.
The Federal Accounting Standards Advisory Board issued amended accounting rules for recognition of inter-entity costs by federal agencies.
New implementation guidance issued by the GASB is designed to clarify, explain or elaborate on state and local government accounting standards.
2 potential models are discussed in a new document.
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.
Specialized knowledge is critical when performing engagements under Government Auditing Standards and compliance audits of federal funds (single audits). Test your expertise in this area.
The proposal seeks to balance the public interest with security needs.
The board also issued guidance on other post-employment benefits.
GASB is seeking public feedback as it develops a revenue and expense recognition model for state and local government accounting.