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accounting standards financial statements Government 
CPA Practice
NOVEMBER 19, 2024
A new proposal that would establish authoritative guidance on the accounting for government grants received by businesses was issued by the Financial Accounting Standards Board (FASB) on Nov.
115 
CPA Practice
OCTOBER 17, 2024
The Governmental Accounting Standards Board ( GASB ) has issued guidance that establishes requirements for certain types of capital assets to be disclosed separately for purposes of note disclosures. GASB Statement No. This is designed to allow users to make informed decisions about these and to evaluate accountability.
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Live Demo - Supercharge your Month End Close
Doing More With Less: The Modern Finance Miracle
The Hidden Science Behind Why Finance Teams Resist Change—And How to Fix It
Protect What Matters: Rethinking Finance Ops In A Digital World
Why Tech-Forward Tax and Accounting Firms Have the Inside Track to the Future
CPA Practice
NOVEMBER 25, 2024
The Governmental Accounting Standards Board (GASB) issued two exposure drafts on Monday: one on a proposed standard on subsequent events and the other a proposed update to an implementation guide in the form of questions and answers intended to clarify, explain, or elaborate on certain GASB pronouncements.
Live Demo - Supercharge your Month End Close
Doing More With Less: The Modern Finance Miracle
The Hidden Science Behind Why Finance Teams Resist Change—And How to Fix It
Protect What Matters: Rethinking Finance Ops In A Digital World
Why Tech-Forward Tax and Accounting Firms Have the Inside Track to the Future
Accounting Today
JULY 28, 2022
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Cherry Bekaert
AUGUST 31, 2023
Contributors: Jack McKee, Manager, Government & Public Sector With staffing challenges and exceedingly more complex Government Accounting Standards Board (GASB) requirements , many government and public sector organizations are finding it difficult to focus on their core mission and deliver results for constituents.
98 
Cherry Bekaert
JUNE 25, 2024
Contributors: Jeffrey Annessa , Artan Ivezaj Government contracts often come with specific requirements, conditions and regulations. Among those regulations are the Cost Accounting Standards (CAS), which are one of the most common challenges faced by emerging government contractors. What Are the 19 Standards?
ThomsonReuters
OCTOBER 18, 2024
Statutory reporting is a critical process for multinational corporations, involving the preparation and submission of financial statements to comply with legal obligations across various jurisdictions. Key components of statutory reports include financial statements and ESG disclosures, enhancing stakeholder trust and governance.
52 
CPA Practice
OCTOBER 11, 2024
Several Governmental Accounting Standards Board (GASB) proposals regarding the accounting and financial reporting for infrastructure assets are on the table for stakeholders to review and provide feedback. 10 on the infrastructure assets project, which the standard-setting board said is in its “relatively early stage.”
Withum
MARCH 4, 2025
The Governmental Accounting Standards Board (GASB) issued Statement No. 103: Financial Reporting Model Improvements to provide updated guidance on several areas of the financial reporting model. It is the most significant update to the financial reporting model since GASB Statement No.
CPA Practice
JANUARY 11, 2024
The Governmental Accounting Standards Board has issued new guidance that requires state and local governments to disclose information about certain risks. GASB Statement No. This would allow users to make informed decisions about these and to evaluate accountability.
CPA Practice
NOVEMBER 25, 2024
The Board of Trustees of the Financial Accounting Foundation (FAF) has announced the appointment of Robert W. Scott to a five-year term on the Governmental Accounting Standards Board (GASB). Before entering the public sector, he was employed as an audit manager with the accounting firm of Deloitte & Touche.
52 
CPA Practice
JULY 23, 2024
Investors, accounting firms, and other stakeholders have until Oct. 21 to provide comments on a new proposed Accounting Standards Update (ASU) issued by the Financial Accounting Standards Board (FASB) on Tuesday that aims to clarify rules on derivative accounting.
122 
Shay CPA
MAY 21, 2025
This approach complies with ASC 606 (Revenue from Contracts with Customers), which governs revenue recognition standards in the U.S. Bookkeepers must carefully document and classify these costs to ensure compliance with accounting standards. This data feeds into financial statements and cap table management.
52 
SMBAccountant
NOVEMBER 21, 2022
Financials statements and performance are no different. If incorrect or inaccurate data is used or missing, the financial performance and indicators used to determine success, value, creditworthiness, and financial viability are also not correct. Most of us are familiar with the saying “garbage in, garbage out”.
130 
Withum
SEPTEMBER 19, 2024
The Governmental Accounting Standards Board (GASB) issued Statement No. 101 to provide updated guidance on the recognition and measurement of compensated absences for government entities. Objective of GASB Statement No. 101 The primary objective of GASB Statement No.
59 
Cherry Bekaert
MAY 9, 2024
The Governmental Accounting Standards Board (GASB) has issued Statement No. 102, Certain Risk Disclosures , to provide users of government financial statements with essential information about risks related to a government’s vulnerabilities due to certain concentrations or constraints.
Katz,Sapper&Miller
FEBRUARY 27, 2020
The Governmental Accounting Standards Board (GASB) has created a single approach to accounting for and reporting of leases with the issuance of GASB Statement No. 87, Leases (Statement 87). State and local governments should expect Statement 87 to have a significant impact on their financial statements.
55 
Cherry Bekaert
APRIL 16, 2024
The Governmental Accounting Standards Board (GASB) recently issued Statement No. 102, which adds new disclosure requirements for governments. Numerous risks loom over state and local governments, which could impair their service delivery or hinder their capacity to fulfill obligations in a timely manner.
96 
Cherry Bekaert
FEBRUARY 23, 2024
The Governmental Accounting Standards Board (GASB) recently issued Statement No. 101, Compensated Absences, to update the recognition, measurement and disclosure requirements for compensated absences in state and local governments.
Cherry Bekaert
JANUARY 24, 2024
Contributors: DeWanna Coleman Governmental Accounting Standards Board (“GASB”) Statement No. 100, Accounting Changes and Error Corrections—an amendment of GASB Statement No. One government might report an accounting change, while another government might report a similar change as an error correction.
ThomsonReuters
FEBRUARY 8, 2024
Therefore, when serving business clients, it is important that accounting professionals have the right framework to ensure that proper financial reporting procedures are in place to help with accounting assumptions. What are the main accounting assumptions? Let’s take a closer look at each one. dollars, euros, etc.)
96 
Anders CPA
JANUARY 8, 2024
Jeanne Dee, CPA/CGMA, audit and assurance partner at Anders CPAs + Advisors (Anders), has been appointed to the Financial Accounting Standards Board (FASB) Not-for-Profit Advisory Committee (NAC) effective January 1, 2024. As one of the six new NAC members, Jeanne will serve a four-year term ending on December 31, 2027.
98 
CPA Practice
MAY 28, 2024
The Governmental Accounting Standards Board (GASB) has issued guidance designed to improve key components of the financial reporting model—the blueprint for governmental financial reports. GASB Statement No.
52 
SkagitCountyTaxServices
JUNE 8, 2022
If the last 20 years of the economy’s highs and lows, downturns and headlines taught us anything about business, it’s that complete and transparent accounting is in everyone’s best interest. One independent organization working to keep companies’ books clear and honest is the Financial Accountant Standards Board.
Cherry Bekaert
OCTOBER 25, 2023
After a period of relative inactivity, standard setters have issued four new standards. The Financial Accounting Standards Board (FASB) has issued Accounting Standard Update (ASU) 2023-03 through ASU 2023-06.
inDinero Accounting
JUNE 29, 2023
Generally Accepted Accounting Principles (GAAP) are a set of accounting principles, standards, and procedures that define accepted accounting practice at a particular time. Its purpose is to ensure that financial statements provide an accurate and transparent view of the company’s financial condition and operations.
Cherry Bekaert
MAY 22, 2023
Over the last year, governmental financial statement preparers’ attention has shifted from Leases to SBITAs, leaving some to wonder about Public-Private Partnerships (P3s). In its broadest sense, a vendor/customer relationship with a government can be considered a P3. A lease might also be considered a P3.
98 
Cherry Bekaert
JANUARY 19, 2023
Contributor: Jack McKee, Manager | Government & Public Sector Governmental Accounting Standards Board (GASB) Statement 96 provides guidance and addresses how the costs and investments for subscription-based information technology arrangements (SBITAs) are accounted for and disclosed by governmental entities.
98 
Accounting Today
NOVEMBER 25, 2024
The Governmental Accounting Standards Board issued an exposure draft on how to account for transactions that occur after the date of the financial statements.
Going Concern
OCTOBER 7, 2022
Accounting’s Big Lie — and How to Fix It [ Project on Government Oversight ] A colossal conflict of interest compromises the auditing of public companies and the financial security of everyone who depends on them. The Project On Government Oversight is planning a conference on what to do about it.
98 
Cherry Bekaert
JUNE 20, 2024
More than 20 years after issuing Statement No. 103, Financial Reporting Model Improvements (GASB 103). Governments should disclose the program, function, or identifiable activity to which an unusual or infrequent item is related and whether it is within the control of management.
Cherry Bekaert
MAY 9, 2024
For many architecture and engineering (A&E) firms, overhead rate audits are a critical aspect of financial management since they can be a great way for firms to recoup incurred costs necessary to run their business from the government. The firm should ensure that its financial statements are accurate and up to date.
115 
Accounting Seed
MAY 1, 2025
Ensuring Financial Stability and Growth When Peterson came on board over a year ago, she was tasked with ensuring secure finances and stable growth. Previously, their accounting systems were completely outsourced, taking 60 days (sometimes more) to see a financial statement.
Cherry Bekaert
JUNE 27, 2024
In Part 1 of our series on Contractor Business Systems, we explore the requirements for a government-approved adequate accounting system as outlined in DFARS 252.242-7006 and required by Federal Acquisition Regulation (FAR) 16.301-3 in the award of a cost-reimbursable type contract.
CPA Practice
SEPTEMBER 1, 2023
More than 90% of companies in 90 countries are prioritizing Environmental, Social and Governance (ESG) goals. While it is exciting that organizations are stepping up to pursue responsible practices en masse , the reality is that the onus to comply with related reporting requirements is on accounting and finance professionals.
Going Concern
JULY 29, 2022
is in the midst of a long-awaited overhaul of the audit and accounting industry, which will bring with it a new regulator to replace the FRC called the Audit, Reporting and Governance Authority. The new standard becomes effective for audits of financial statements for periods ending on or after Dec.
119 
inDinero Accounting
JUNE 24, 2021
In this article, you’ll find the essential information to 38 FAQs about business financial statements and links to further reading. Financial Statement FAQs. What is a business financial statement? The business financial statement defined. Who uses business financial statements?
71 
Going Concern
MARCH 4, 2022
SEC Chief Accountant Lauds FASB for Engaging Investors, Stakeholders on Potential New Standards [ JD Supra ] Paul Munter, acting chief accountant for the SEC’s Office of the Chief Accountant, on Feb.
91 
CPA Practice
JULY 24, 2024
Business life cycle accounting and reporting challenges For private companies, these challenges can mean fewer staffers who understand accounting standards, internal systems that are either incomplete or not implemented properly, and potentially insufficient audit preparation when the company goes public.
104 
Withum
AUGUST 19, 2024
The Government Accounting Standards Board (GASB) recently issued Statement Number 102, Certain Risk Disclosures (“GASB 102”). GASB 102 requires state and local governments to disclose material concentrations and constraints in the notes of the financial statements.
CPA Practice
APRIL 26, 2023
At the same time, these entities have an increased need for accounting transparency – and not just because it’s the right thing to do, but also because citizens are demanding it. Without a standard accounting method, such committed future liabilities and their related intangible assets are not included on financial statements.
Cherry Bekaert
JANUARY 29, 2024
The Financial Accounting Standards Board (FASB) issued nine Accounting Standard Updates (ASUs), and the Government Accounting Standards Board (GASB) issued only one new GASB Statement in 2023. For summaries of standards issued in the first three quarters, view our previous rundowns here.
95 
ThomsonReuters
DECEMBER 6, 2022
The spotlight on environmental, social, and governance (ESG) continues to intensify as businesses are increasingly being called upon to disclose more about their ESG performance and strategies. Risks and opportunities related to ESG matters may have an unfavorable, favorable, or neutral effect on financial statements.
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