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.
The numbers look gaudy, but potential estate taxes and prohibitions on future strategies make the big retirement accounts much less appealing, two experts said.
The Internal Revenue Service, the Treasury and other parts of the government plan to phase out the use of paper checks for payments by the end of this month.
The internal audit profession has been grappling with a greater array of responsibilities beyond checking up on corporate finances, including vetting companies' cybersecurity and use of artificial intelligence.
Plus, AuditDashboard announces 8.0 release with Microsoft 365 and Copilot integration; Audit Sight releases new analytics module for insights; and other accounting tech updates.