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FASB Seeks Feedback on Agenda Considerations

The Financial Accounting Standards Board (“FASB”) has released an Invitation to Comment regarding possible financial accounting and reporting topics to add to its agenda. The Invitation to Comment features potential issues and solutions on intangible assets, pensions and other post-retirement benefit plans, distinguishing liabilities from equity, and reporting performance and cash flows. In particular, the FASB is seeking feedback on whether improvement opportunities exist for the financial reporting issues raised in the Invitation to Comment, the priority and approach the board should take in addressing each issue, and if any other financial reporting areas not listed in the document should. Read More.

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SEC Deputy Chief Accountant Speaks at Financial Reporting Conference

As guest speaker at the 15th Annual Baruch College Financial Reporting Conference, Securities and Exchange Commission (“SEC”) Deputy Chief Accountant Wesley Bricker expressed his views on the current transition period undertakings for the upcoming revenue recognition and leases standards, and the Financial Accounting Standards Board’s proposal for financial instruments’ credit impairment. He also cautioned companies that presenting non-generally accepted accounting principles in public filings, especially adjustments to revenue, will increase the likelihood of receiving an SEC comment letter. He also spoke about the Public Company Accounting Oversight Board’s efforts to encourage auditor attention on financial reporting risks. A transcript of Bricker’s speech is available on. Read More.

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Annual Government Seminar Presentations Available for Download

Cherry Bekaert recently concluded our Annual Government Seminar Series, which took place in Newport News, Richmond, Roanoke and Virginia Beach. This year’s presentations included a range of timely topics such as the latest news from the Governmental Accounting Standards Board and cyber security. We invite to you view the full presentations linked below. For questions or to discuss how this information can help your governmental organization, feel free to contact Sharon Day at . Presentations 2016 GASB Update Governments in the News Outline Cyber Security – Identifying the Risks and Your Responsibilities Lessons Learned from Financial Reporting and Compliance including Pensions

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GAO Releases Audit Report for Fiscal Years 2014 and 2015

Covering the Federal government’s consolidated financial statements for fiscal years 2014 and 2015, the U.S. Government Accountability Office (“GAO”) has released its annual Financial Report of the U.S. Government. In this year’s findings, the GAO discovered that the enactment of many federal financial management reforms have resulted in significant progress being made. Despite this progress, the report says that improvements to federal financial management remain necessary. The GAO also noted that certain material weaknesses in internal control over financial reporting and other limitations prevented an opinion to be formed regarding accrual-based consolidated financial statements for the fiscal years. For more. Read More.

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FASB Recommends Financial Reporting Topics for Discussion Paper

At its board meeting earlier this month, the Financial Accounting Standards Board (“FASB”) reviewed its agenda Discussion Paper scheduled for release later this year. In particular, the FASB recommended the inclusion of the following financial reporting topics: Financial Performance Reporting (including the Performance Statement, Other Comprehensive Income, Cash Flow Statement, and Segment Reporting); Distinguishing Liabilities from Equity; Intangible Assets; and Pensions and Other Postretirement Employee Benefit Plans. Also at the meeting, the FASB decided not to add a project on the Simplifying the Measurement of Asset Retirement Obligations project and also removed Phase 2 of the Liabilities and Equity—Targeted Improvements. Read More.

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Highlights from GASB’s January Meeting

During a two-day meeting last month at its offices in Norwalk, Connecticut, the Governmental Accounting Standards Board (“GASB”) discussed the following topics: Leases. The GASB tentatively decided that the Exposure Draft, Leases, should include governments with principal ongoing operations consisting of leasing assets to other entities. Such governments should be required to disclose upcoming lease payments that are part of the lease receivable, presenting principal and interest separately. Blending Requirements for Certain Component Units. After reviewing a preballot draft of a final Statement, Blending Requirements for Certain Component Units, the GASB made clarifying revisions on the draft document. Irrevocable Split-Interest. Read More.

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