Governmental auditing news and resources

Breaking News

A Better Way to Gauge Profitability

EXECUTIVE SUMMARY Return-on-equity (ROE) is the correct profit metric to evaluate the performance of a business. However, the primary emphasis on financial ratio analysis must be on operating performance. The “advanced” version of the DuPont model remedies the original model’s failure to cleanly separate the effects of operating and financing...

TOPICS

November 25, 2024

GASB issues two exposure drafts for comment

The Governmental Accounting Standards Board aims to bring clarity to the financial reporting of subsequent events and to a variety of topics in its implementation guide.

October 18, 2024

GASB provides guidance for certain capital assets

GASB issued guidance for certain types of capital assets to be disclosed separately for purposes of note disclosures.

October 17, 2024

Public sector talent shortage: Unique challenges require unique solutions

Serious concerns facing accounting in the government space can be solved only by a multistakeholder commitment to improved conditions, an AICPA/NASACT report finds.

July 23, 2024

FASAB issues amendments, seeks new board members

The amendments conform implementation guidance to several existing reporting standards for federal government entities.

June 21, 2024

FASAB offers new guidance on seized and forfeited digital assets

Federal government standard setter clarifies how to apply existing standards for inventory and related property to certain digital assets.

May 29, 2024

GASB updates its financial reporting blueprint

New guidance features targeted improvements to the financial reporting model established for state and local governments 25 years ago.

May 20, 2024

A&A Focus recap: CECL, leases, and commercial real estate

The May installment of the monthly newscast series also featured a governmental auditing update.

January 9, 2024

GASB guidance expands risk-related reporting requirements

A new statement requires governments to disclose concentrations and constraints that could make them vulnerable to a substantial impact.

December 1, 2023

FASAB releases transitional accommodations for new leases standard

The Federal Accounting Standards Advisory Board issued an amendment providing “an appropriate degree of flexibility” for an interim period.

November 22, 2023

FASAB releases 3-year strategic plan, annual report

Intangible assets and climate-related reporting are among action items that the board, which is responsible for setting standards for federal government entities, will address in the coming years.

October 13, 2023

FASAB committee issues updates to guidance on leases

The board’s Accounting and Auditing Policy Committee issued Federal Financial Accounting Technical Release (TR) 22: Leases Implementation Guidance Updates.

September 29, 2023

GASB addresses disclosure and classification of capital assets

GASB issued a proposal that would establish requirements for certain types of capital assets to be disclosed separately for purposes of note disclosures, allowing users to make informed decisions about these and to evaluate accountability.

September 7, 2023

FASAB seeks comment on guidance for management discussion and analysis

The Federal Accounting Standards Advisory Board is seeking feedback on an exposure draft aimed at updating the guidance for management discussion and analysis (MD&A).

August 25, 2023

FASAB seeks to enhance note disclosures in financial statements

The Federal Accounting Standards Advisory Board is accepting public comments on an exposure draft aimed at making note disclosures an ‘integral part’ of financial statements.

July 10, 2023

GASB provides guidance on application of standards

GASB has issued implementation guidance in the form of questions and answers, that is intended to clarify a series of the board’s pronouncements.

June 1, 2023

How a CPA saved a state millions in health care costs

Marilyn Bartlett, CPA, changed the conversation about health care policy when her penchant for numbers saved Montana’s state employee health plan millions without increasing member or employer contributions.

May 31, 2023

FASAB committee proposes changes to guidance on leases

With a new standard for reporting on leases soon to be effective, the Accounting and Auditing Policy Committee is seeking comments on updates to its leases guidance in a 2021 technical release.

May 15, 2023

FASAB seeks feedback on its existing standards

The FASAB is seeking comments on its Reexamination of Existing Standards project to ensure that its standards meet users’ needs and provide financial information that supports public accountability and transparency.

April 27, 2023

How the Financial Accounting Foundation plans to strengthen oversight

The organization’s latest effort provide a more convenient way for stakeholders with questions about due process in standard-setting to voice their concerns.

April 7, 2023

FASAB issues statement to clarify lease terms

The Federal Accounting Standards Advisory Board issued a statement intended to provide targeted technical clarifications to further facilitate implementation of SFFAS 54, Leases.