The Governmental Accounting Standards Board released a pair of implementation guides with questions and answers explaining several GASB standards.
Implementation Guide No. 2017-1, Implementation Guidance Update—2017, discusses a broad range of issues, including the standards on pensions, cash flow statements, financial reporting entities, investments, fund balances, external investment pools, and tax abatements. The guide also updates some of GASB’s previously issued implementation guidance.
House Republicans passed the wide-ranging Trump tax legislation dubbed the One Big Beautiful Bill Act, overcoming resistance from a group of GOP holdouts and united opposition from Democrats.
The American Institute of CPAs' Auditing Standards Board is looking for feedback on a proposed standard updating auditors' responsibilities related to fraud.