Government accounting

The Governmental Accounting Standards Board is considering delaying the effective dates of its standards and implementation guides because of the novel coronavirus pandemic.

The proposal involves how to define the criteria for the component units in pension plans and deferred compensation plans for state and local government employees.

The number of countries reporting their financial positions on an accrual basis is expected to increase from 37 to 98 by 2023, according to a new report.

The good intentions behind balanced budget requirements in states and cities have been circumvented by the shoddy accounting practices used in the budget process.

A new technical bulletin aims to clarify the loss allowance standards for AR and related recognition standards and reporting.

The board is looking for comment on a proposed concepts statement around the issue.

Argentina may be in deep financial trouble, but its central bank is comfortably back in the black — thanks to a small accounting maneuver.

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.