FASB and GASB Seek Two New Chairs
A search is underway to find new chairs for the Financial Accounting Standards Board (“FASB”) and the Governmental Accounting Standards Board (“GASB”). The Financial Accounting Foundation’s (“FAF”) Board of Trustees Appointments Committee is looking for candidates to replace FASB chairman Russell Golden and GASB chairman David Vaudt, whose terms conclude June 30, 2020. FAF president and chief executive officer Teri Polley said the selected candidates will help determine the FASB and GASB’s future direction to improve financial accounting and reporting standards. Both chairs will serve one seven-year term on their respective boards.
GASB Introduces Lease Standard Implementation Guidance
To assist state and local governments with applying GASB Statement No. 87, Leases, the Governmental Accounting Standards Board (“GASB”) has issued a draft Implementation Guide . The GASB presents the proposed guidance in a question-and-answer format and intends to clarify the requirements listed under the lease accounting standard. GASB Statement No. 87 offers a simplified approach for state and local governments to account for and disclose leases. Interested parties can submit feedback on the proposal to the GASB by Tuesday, April 30.
IRS Releases 2019 Form to Help Governments Report Fines, Penalties, and Other Amounts
A new 2019 form has been issued by the Internal Revenue Service (“IRS”) to help governments and government entities comply with a portion of the Tax Cuts and Jobs Act (“TCJA”) involving reporting fines or penalties. Form 1098-F requires governments and related entities to disclose fines, penalties, or other amounts assessed against a taxpayer. Government agencies and related entities must file Form 1098-F with the IRS and the taxpayer to report information about the fine or court settlement, whether one or multiple payments will be made, and the total payments actually made by the taxpayer. The new form also requires that reportable penalties. Read More.
Cherry Bekaert’s 2019 Local Government Benchmarking Survey Now Available
It’s that time of year again: Cherry Bekaert’s Annual Local Government Survey is now open! The latest edition of our survey incorporates feedback received from the 2018 survey, and it features updated categories and questions to reflect the current and changing regulatory environment. Whether you have taken precautionary measures to safeguard against a cyber-attack or are implementing new guidance from the Governmental Accounting Standards Board, we want to know about the issues affecting your local government. Give us approximately 15 minutes of your time and complete the 8th Annual Local Government Benchmarking Survey . The Firm will also select at random five (5) survey respondents to win a. Read More.
AICPA Committee Issues Revised Exposure Draft on Independence Requirements for Governments
The Professional Ethics Executive Committee of the American Institute of Certified Public Accountants (“AICPA”) has issued a revised exposure draft on the independence requirements for state and local governments. Published as Proposed Interpretation: State and Local Government Client Affiliations (formerly Entities Included in State and Local Government Financial Statements) , the exposure draft features significant changes to the original July 2017 proposal, which aims to replace current interpretive guidance in “Entities Included in State and Local Government Financial Statements.” The AICPA is proposing the amendments to address concerns regarding an accountant’s independence on a financial statement attest client that is a state or local government entity. Since existing interpretation does not specify when accountants should review the “Conceptual. Read More.
GASB Issues Exposure Draft on Fiduciary Activities
The Governmental Accounting Standards Board (“GASB”) has issued an exposure draft of its implementation guide to help state and local governments implement GASB No. 84, Fiduciary Activities. Presented in a question-and-answer format, the document features 53 new questions and answers and five updated questions and answers. The exposure draft also answers several basic employee benefit plan questions posed due to GASB No. 84. Comments on the exposure draft are due Thursday, February 28.