Government Could Shut Down Again Thursday
With the current stopgap spending bill expiring in two days, Congress is scrambling to avoid another government shutdown. The House will vote today on another short-term continuing resolution that would fund the government until Thursday, March 22. Lawmakers continue to negotiate on a budget for the 2018 fiscal year, but disagreements exist regarding proposed increases in defense, non-defense, and infrastructure spending. Other budget disputes involve funding for Dreamers/Deferred Action for Childhood Arrivals (DACA), hurricane and wildfire emergencies, and community health centers. No agreements have been reached on such matters. Meanwhile, the White House wants anomalies (i.e., additional funding) included in. Read More.
FASB Task Force Approves Proposed Guidance on Infrastructure Deals
An update to U.S. GAAP could provide clearer guidance on certain agreements between government entities and private-sector businesses. On March 16, the Financial Accounting Standards Board’s (“FASB”) Emerging Issues Task Force (“EITF”) unanimously approved an amendment which covers deals involving a private organization that operates public infrastructure. The operator normally pays a fee to the government, and in turn receives all, or a part of, the revenues. In some arrangements, the government entity pays the private company to operate the facility but collects a portion of the proceeds. The EITF-approved amendment is part of Proposed Accounting Standards Update No. EITF-16C. Read More.
Topics: Emerging Issues Task Force "EITF", FASB, Financial Accounting Standards Board "FASB", Infrastructure, Proposed Accounting Standards Update, Service Concession Arrangements (Topic 853), U.S. GAAP