Government accounting

A marked increase in staffing shortages at auditing firms has resulted in significant setbacks to complete issuers' financial disclosures, S&P said in a report.

The board released additional information to clarify earlier guidance on how to account for subscription-based technology for state and local governments.

Private companies in the U.S. are still adjusting to the standard that took effect last year, as international standard-setters are proposing new rules for the public sector.

While there are pension accounting standards, they allow plans to make more aggressive assumptions about how well they're funded than in the private sector.

The Governmental Accounting Standards Board issued proposed implementation guidance in the form of questions and answers to clarify different pronouncements.

A recent study found that when municipal governments are assigned a random auditor, versus one they appoint themselves, financial performance improves.

The Governmental Accounting Standards Board has appointed a new task force to help GASB deal with going concern uncertainties and severe financial stress disclosures.

The Financial Accounting Standards Board is considering a change to address leases that are under the common control of related-party businesses.

Complexity causes the data to be unclear, and even obsolete by the time it is reported.

When governments outsource efforts, they are bringing in a new set of eyes that can identify risks, compliance issues or human errors.