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- Call us: (703) 828-2336
- Mail US : info@mabstac.com
- ADD US : Mabstac, LLC
Big Changes to “Limited Scope” Audits
The Auditing Standards Board (ASB) of the American Institute of Certified Public Accountants (AICPA) changed the audit standards applicable to audits of financial statements of employee benefit plans subject to ERISA. These standards impact what is currently known as “limited scope audits.” Now, the limited scope audit will no longer be an option, but will
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GASB Statement No. 101, Compensated Absences
GASB Statement No. 101, Compensated Absences The Governmental Accounting Standards Board (GASB) released Statement No. 101, Compensated Absences (Statement 101), which replaces GASB Statement No. 16, Accounting for Compensated Absences. This Statement establishes standards of accounting and financial reporting for (a) compensated absences and (b) associated salary-related payments, including certain defined contribution pensions and defined contribution other
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GASB Statement No. 100, Accounting Changes and Error Corrections—an amendment of GASB Statement No. 62
GASB issued guidance Monday designed to improve the accounting and financial reporting requirements for accounting changes and error corrections. GASB Statement No. 100, Accounting Changes and Error Corrections, provides guidance designed to lead to information that is easier to understand and more reliable, relevant, consistent, and comparable across governments for making decisions and assessing accountability. “Governments
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GASB Statement No. 96, Subscription-Based Information Technology Arrangements
Issued by the Governmental Accounting Standards Board, GASB 96 defines Subscription-Based Information Technology Arrangements (SBITAs) and provides guidance on accounting and financial reporting for government entities. The statement was created to regulate the accounting and disclosure around subscription-based payments for cloud-based software agreements. What is GASB 96? In May of 2020, the Governmental Accounting Standards
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GASB Statement No. 94, Public-Private and Public-Public Partnerships and Availability Payment Arrangements
GASB 94 is approaching: Are P3s on your organization’s radar? Public-private partnerships and availability payment arrangements have become more common as governments find new ways to fill funding gaps. GASB 94 covers how to account for them. Here’s what you need to know. In March 2020, the Government Accounting Standards Board (GASB) issued Statement
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GASB Statement No. 81, Irrevocable Split-Interest Agreements
GASB issued recognition and measurement guidance Tuesday for governments that benefit from irrevocable split-interest agreements. A typical irrevocable split-interest agreement provides benefits to at least two beneficiaries—a government (often a public college, university, or hospital) and another beneficiary designated by the donor. The donor transfers the related assets either to the government or to a
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GASB Statement No. 83, Certain Asset Retirement Obligations
GASB issued guidance Wednesday for state and local governments to address asset retirement obligations related to tangible capital assets. Statement No. 83, Certain Asset Retirement Obligations, sets guidance for determining the timing and pattern of recognition for liabilities and corresponding deferred outflow of resources related to asset retirement obligations. The dismantling and removal of a
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GASB 87 Will Fundamentally Change Lease Accounting for Governments
State and local governments use a variety of leasing arrangements to stabilize cash flows and reduce risk and uncertainty. The newly issued GASB Statement 87 on leases will fundamentally change lease recognition, measurement, and related disclosures for both government lessees and lessors. The major changes outlined in GASB 87 are: Leases will be classified as “short-term,”
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FASB’s ASU No. 2016-14 Not-for-Profit Entities (Topic 958)
In August 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2016-14 (ASU 2016-14) to make improvements to information presented on nonprofit (NFP) financial statements. FASB’s goal was to update the current nonprofit reporting model, by improving the readability and transparency of financial statements. The ASU was effective for fiscal years beginning after December 15,
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