Government accounting

The Governmental Accounting Standards Board is proposing to delay the effective dates of provisions for all Statements and Implementation Guides by one year.

The Treasury Department has created a web-based portal through which state, local and tribal governments will be able to access payments to help offset the costs of the novel coronavirus pandemic.

Even before the start of the coronavirus pandemic, the federal government was facing dire financial conditions, with its overall financial condition worsening by $8.16 trillion in 2019, according to a new analysis.

The Governmental Accounting Standards Board is working on several fronts to offer relief to state and local governments and other stakeholders in the midst of the pandemic, including delaying the effective date of some standards.

The Governmental Accounting Standards Board published guidance to help state and local governments transition move to newer reference rates that are less prone to market manipulation.

The Governmental Accounting Standards Board is considering delaying the effective dates of its standards and implementation guides because of the novel coronavirus pandemic.

The proposal involves how to define the criteria for the component units in pension plans and deferred compensation plans for state and local government employees.

The number of countries reporting their financial positions on an accrual basis is expected to increase from 37 to 98 by 2023, according to a new report.

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.