Government accounting

As state finances across America are upended by the coronavirus, almost all of them face the same, self-imposed, problem: how to balance their budgets.

Nations around the world face unexpected expenses and revenue shortfalls arising from the COVID-19 pandemic.

The Governmental Accounting Standards Board is postponing the effective dates of many of its pronouncements and implementation guides for 12 to 18 months to provide some breathing room for accountants.

The set of questions and answers explain how to implement and apply some of the board's recent pronouncements.

The Governmental Accounting Standards Board published guidance Monday to improve accounting and financial reporting for public-public partnership arrangements — also known as P3s — along with public-private and availability payment arrangements (APAs).

The Governmental Accounting Standards Board is proposing to delay the effective dates of provisions for all Statements and Implementation Guides by one year.

The Treasury Department has created a web-based portal through which state, local and tribal governments will be able to access payments to help offset the costs of the novel coronavirus pandemic.

Even before the start of the coronavirus pandemic, the federal government was facing dire financial conditions, with its overall financial condition worsening by $8.16 trillion in 2019, according to a new analysis.

The Governmental Accounting Standards Board is working on several fronts to offer relief to state and local governments and other stakeholders in the midst of the pandemic, including delaying the effective date of some standards.

The Governmental Accounting Standards Board published guidance to help state and local governments transition move to newer reference rates that are less prone to market manipulation.