Government accounting

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.

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.

The Federal Accounting Standards Advisory Board staff released an exposure draft of a technical bulletin that would clarify the existing standards for loss allowances.

The exposure draft offers standards for how governments can account for monetary gold and currency in circulation.

The Federal Accounting Standards Advisory Board has issued an interpretation of some recent standards involving cost provisions among multiple entities who are liable for cleanup costs.

The Governmental Accounting Standards Board has released questions and answers about the recent standard on accounting and financial reporting for leases by state and local governments.

The omnibus exposure draft addresses a variety of issues identified during the implementation and application of different pronouncements.

The Governmental Accounting Standards Board proposed new accounting and financial reporting guidance Friday on deferred compensation plans under Section 457 of the tax code.