Government accounting

The Federal Accounting Standards Advisory Board is looking for feedback on an exposure draft of a proposed set of technical clarifications and amendments on lease accounting for the federal government.

The board issued guidance Monday to address different accounting and financial reporting issues it identified.

Governmental Accounting Standards Board chair Joel Black has plans as GASB prepares to issue new standards on compensated absences, accounting changes and error corrections, while also weighing issues like digital assets, electronic financial reporting and subsequent events.

The board released an exposure draft of a proposed standard for multi-employer retirement plan obligations.

The Governmental Accounting Standards Board set the effective date for the GASB 87 leases standard at June 15, 2021, after pushing it back by 18 months during the pandemic, but many state and local governments are apparently behind on implementing it.

The International Federation of Accountants teamed up with the Institute of Chartered Accountants on the latest installment of an educational series.

The Top 30 Firm is expanding its local, state and federal government client base, effective March 31.

The Governmental Accounting Standards Board is adding a major project on going concern uncertainties and severe financial stress to its technical plan for the first third of this year.

The Federal Accounting Standards Advisory Board released an interpretation of the accounting rules around reporting debt cancellation for the federal government.

The board is changing the term Comprehensive Annual Financial Report because the abbreviation is often pronounced the same way as a derogatory term.