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Most Popular Insights

Accounting and financial reporting for nonexchange financial guarantees
Statement No. 70 provides guidance to state and local governments that offer nonexchange financial guarantees and for governments that receive guarantees on their obligations.

Proposed OMB Uniform Guidance: Cost Principles, Audit, and Administrative Requirements for Federal Awards issued for comment
These proposed reforms to various key grant policies are being proposed by OMB and federal agencies in an effort to increase the efficiency and effectiveness of federal programs, as well as eliminate unnecessary and duplicative requirements and focus in on areas that emphasize achieving better outcomes at lower costs.

GASB Statement No. 68, Accounting and Financial Reporting
for Pensions
Long before the current economic downturn, the issue of public pensions and the viability of individual plans has been a much-debated topic. The Governmental Accounting Standards Board has been well aware of the rising tide of unfunded pension obligations.

Election year dos and don’ts: A closer look at election activity processes within tax-exempt organizations
The general election is fast approaching. The current contests are considered close by many commentators, which has caused some tax-exempt organizations to ramp up their activities as the election date looms on the horizon.

Accounting for public employee pensions
The Governmental Accounting Standards Board recently approved two new standards regarding the accounting and financial reporting of public employee pensions by state and local governments.

Items previously reported as assets and liabilities
The GASB recently issued Statement No. 65, Items Previously Reported as Assets and Liabilities, to clarify the appropriate reporting of deferred outflows of resources and deferred inflows of resources.

Technical corrections to GASB Statements No. 10 and No. 62
The GASB recently issued Statement No. 66, Technical Corrections - 2012, to resolve certain conflicting accounting and financial reporting guidance.

IRS phone forums on governmental and tribal government
retirement plans
The IRS recently announced it has scheduled two one-hour phone forums related to future rulemaking on governmental and tribal government retirement plans.

December 2011 revision of Government Auditing Standards
Government Auditing Standards, December 2011 Revision recently was issued by the United States Government Accountability Office.

Accounting and Financial Reporting for Service Concession Arrangements
Statement No. 60 of GASB

Brian Schebler Named Chair of GAQC Executive Committee