Government accounting

The Cost Accounting Standards Board, a group set up by Congress in 1970 to make sure federal contractors charge their costs appropriately, is finally making some progress in aligning its 19 cost accounting standards with U.S. GAAP after Congress mandated in 2017 that it do so where practicable.

The Governmental Accounting Standards Board released guidance on leases, pension plans and a wide range of other accounting and financial reporting issues that were identified during the implementation and application of some of its earlier pronouncements.

The majority of the U.S.’s 75 most populous cities lack enough funds to pay their bills, but the remaining 12 have budget surpluses, according to a new report.

The Pentagon made $35 trillion in accounting adjustments last year alone — a total that’s larger than the entire U.S. economy and underscores the Defense Department’s continuing difficulty in balancing its books.

The Financial Accounting Foundation’s board of trustees has named Joel Black, partner in charge of the audit practice at Top 100 Firm Mauldin & Jenkins, the next chair of the Governmental Accounting Standards Board.

The reporting requirements will be in effect for government entities beginning Dec. 15 for all reporting periods subsequent to that date.

The Public Interest Committee, which oversees the standard-setting activities of the International Public Sector Accounting Standards Board, has initiated a public survey on the governance arrangements at the IPSASB to gauge perceptions of the standard-setting group’s oversight.

The Governmental Accounting Standards Board has proposed implementation guidance with questions and answers to clarify and explain some of GASB’s earlier standards and pronouncements.

The 50 states have accumulated a combined $1.5 trillion in debt related to pension and other post-employment benefits, while elected officials claimed balanced budgets.

The Governmental Accounting Standards Board proposed accounting and financial reporting guidance for state and local governments to help them transition away from the London Interbank Offered Rate to newer reference rates.